First Holdings may sell 19M more Meralco stocks

(GMANews.TV)

Lopez-led First Philippine Holdings, Corp. may still sell a portion of its remaining interest in Manila Electric Co. (Meralco), so it can keep at least a 5 percent stake that is equivalent to a board seat, company officials said on Thursday.

In a briefing, First Holdings President Elpidio Ibañez said they might still decide to upload roughly 19 million shares, equivalent to 1.7 percent of the distribution utility.

First Holdings has a 13.4 percent stake in Meralco, but half of it is about to be sold to Philippine Long Distance Telephone Co. (PLDT) for P300 per share, or P22.4 billion, before the end of March next year.

But Ibañez said First Holdings was not yet in talks with the camp of businessman Manuel Pangilinan for a possible sale of the 1.7 percent interest.

Pangilinan-led Metro Pacific Investments Corp. (MPIC) holds the right to match the price of the buyer of the remaining shares of First Holdings in Meralco. Click here to read more...