MPIC Takes 5% Stake in Meralco through Acquisition from Beacon Electric

Makati–(PHStocks)–Metro Pacific Investments Corp. (MPIC, PSE: MPI) has announced that Beacon Electric Asset Holdings Inc. (Beacon), a special purpose company jointly owned by MPIC and PLDT Communications and Energy Ventures (PCEV), will sell 56.35 million shares, comprising approximately 5%, in Manila Electric Co. (Meralco, PSE: MER), to MPIC at a price of PhP235 per share for an aggregate consideration of PhP13.24 billion.

The consideration payable by MPIC to Beacon will be settled as to PhP3 billion immediately and the balance on or before February 2015. MPIC will receive a dividend from Beacon at the same time as it settles payments for this transaction such that MPIC’s net cash investment in the transaction will be PhP6.6 billion, which MPIC will fund from internal sources.