MANILA, Philippines - San Miguel Pure Foods Co.Inc. has acquired 59.09 million shares of Manila Electric Co. (Meralco) from parent firm San Miguel Corp. for nearly P13 billion.
In a disclosure to the Philippine Stock Exchange, Pure Foods said it acquired the shares at P220 each, which represents a 12 percent discount based on the average trading price of Meralco from January to July 31 this year.
These shares formed part of the shares purchased from the Government Service Insurance System. The company has fully paid the purchase price of these shares to GSIS and have been crossed on the Philippine Stock Exchange last Aug. 5.
Meralco went up to as high as P270 Friday before closing at P257 each share or 10 percent lower than its previous price. It had a market capitalization of P300.98 billion with a free float level of 15 percent.
Earlier reports said San Miguel owns 37 percent of the power retailing giant following the consolidation of minority interest in Meralco. The group of businessman Roberto Ongpin reportedly controlled over seven percent of the power firm with the purchase of shares held by government-owned financial institutions Social Security System and Development Bank of the Philippines back in 2009.