HONG KONG-based conglomerate First Pacific Co. Ltd. is planning to consolidate its combined 34.7-percent stake in Manila Electric Co. (Meralco) under a new holding firm. The shares are currently held by subsidiaries Metro Pacific Investments Corp. and Philippine Long Distance Telephone Co. (PLDT)
First Pacific, led by businessman Manuel V. Pangilinan, is the parent company of listed infrastructure firm Metro Pacific and the single largest shareholder of PLDT.
In separate filings to the local stock exchange on Monday, Metro Pacific and PLDT unit Pilipino Telephone Corp. (Piltel) said they are in talks for a proposed “combination and reorganization of their respective shareholdings in Meralco.”
A Metro Pacific executive said the new company—which is still unnamed at this point—will be jointly held by Metro Pacific and Piltel. The executive, who requested anonymity, noted that “nothing is final for now.”
At present, First Pacific’s holdings in Meralco are split between Metro Pacific (14.7 percent) and Piltel (20 percent).
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