JG Summit raises stake in Meralco
In a filing with the Philippine Stock Exchange, JG Summit said it acquired 27.5 million shares of Meralco at P250 per share. The transaction was done on June 14. File
MANILA, Philippines - JG Summit Holdings has acquired more shares in Manila Electric Co.
In a filing with the Philippine Stock Exchange, JG Summit said it acquired 27.5 million shares of Meralco at P250 per share. The transaction was done on June 14.
As a result, the company’s stake rose by 2.44 percent to 29.56 percent.
In terms of number of shares held, JG Summit now has 333.19 million shares as of June 30 this year.
It was in 2013 when the company first acquired ownership in Meralco after buying San Miguel Corp.’s stake in the power utility firm. This marked the Gokongwei family’s foray into the lucrative power sector.
Last year, JG Summit entered Global Business Power Corp. by acquiring GT Capital Holdings’ 22 percent stake.
JG Summit acquired another eight percent stake in GBPC from Meralco Power Gen (MGen), bringing its total shareholdings to 30 percent and further strengthening its partnership with the MVP Group beyond Manila Electric Co. and PLDT Inc.
GBPC is one of the leading independent power producers in the Visayas region and Mindoro island with a combined gross maximum capacity of 704 megawatts comprising 696.5 MW of power supplied to the Visayas grid and 7.5 MW of power supplied within Mindoro island.
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