MANILA, Philippines - The Philippine Long Distance Telephone Co. (PLDT) group expects to conclude talks soon with the Lopez family for the sale of a 6.7-percent stake in Manila Electric Co. (Meralco), the top PLDT executive said.
Manuel V. Pangilinan, chairman of both PLDT and Metro Pacific Investments Corp. (MPIC), told reporters yesterday that they are wrapping up negotiations on the planned sale of half of the Lopez Group’s remaining 13.4-percent interest in Meralco, the country’s biggest power distributor.
“We expect those discussions to finish shortly,” Pangilinan said.
He said they would use MPIC as the vehicle to purchase the shares, further hinting that they would pay a higher price for the 6.7-percent stake than what they have initially invested.
The PLDT Group, through Pilipino Telephone Corp. (Piltel), earlier acquired a 20-percent stake in Meralco for P20.07 billion or P90 per share.
Meralco’s stocks closed four percent lower yesterday at P186.
Earlier this week, Lopez patriarch Oscar Lopez, who chairs investment holding firm First Philippine Holdings Corp. (FPHC) confirmed they are divesting only half of their 13.4 percent holdings in Meralco to the PLDT Group.
Lopez said they expect to finalize the sale by next month.
He said the family intends to keep a significant stake in Meralco to take advantage of a more appropriate price for the shares. “So we can wait for better prices later,” he said.
In March this year, PLDT and FPHC entered into an agreement allowing the telecom giant the first crack to submit its bid for Meralco shares owned by FPHC.
PLDT has already paid FPHC P20.07 billion for a 20 percent stake in Meralco. Pilipino Telephone Corp., the energy holdings company of the PLDT Group, bought the shares at P90 a share.
Meanwhile, Pangilinan led the signing yesterday of the newest partnership between Smart Communications and Meralco which will allow the power distribution firm’s customers to use the mobile phone network to access Meralco information.
The service will have a pilot run beginning Nov. 15 in Marikina, Pasig, Quezon City (Balara, Batasan, Diliman, Fairview, Tandang Sora), Rizal (Antipolo, Baras, Cainta, Rodriguez, San Mateo, Taytay); and Cavite (Cavite City, Gen. Trias, Kawit, Maragondon, Naic, Noveleta, Rosario, Tanza, Trece Martirez).
During the pilot run, customers may inquire through text: broadcast of prearranged power interruption schedules, emergency interruptions, typhoon-related safety tips; pre-arranged power interruption schedules, as well as business center and auxiliary office locations and contract numbers; and a facility where residential customers can send feedback, reports, queries and messages to Meralco.
Smart will charge P1 per text on needed information on Meralco.
Once fully operational in the first quarter of 2010, other services to be offered include: meter reading notification, billing details, bill due date reminders, electrical safety tips, energy efficiency tips, appliance usage tips, service application feedback, service complaints feedback, power outage estimated restoration feedback and other payment options and locations.
Though the service would be initially available to existing Smart and Talk n Text subscribers, non-Smart subscribers may visit designated Meralco centers to get Meralco Mobile Services SIM cards starting Nov. 16. Existing Smart and Talk N Text subscribers, on the other hand, simply have to key in Meralco and send to 4755 to download the new Meralco Mobile Services Menu to their SIMs.