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Metro Pacific moves to match affiliate's stake in Beacon.
Byline: Cliff Harvey C. Venzon
METRO PACIFIC Investments Corp. (MPIC) has moved to acquire a larger stake in the leading shareholder of Manila Electric Co. (Meralco) in a bid to match an affiliate's ownership of the distribution utility.
MPIC entered into an agreement to buy from affiliate PLDT Communication and Energy Ventures, Inc. (PCEV) 282.215 million preferred shares in Beacon Electric Asset Holdings, Inc. for P3.563 billion payable on June 29, a disclosure yesterday showed.
Beacon Electric is the holding firm for the Pangilinan camp's combined stake in distribution utility Meralco.
Beacon Electric is the single biggest stakeholder of …
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