Bloomberg News

PLDT Communications to Transfer Manila Electric Shares to Beacon

October 19, 2011

Oct. 20 (Bloomberg) -- Metro Pacific Investments Corp. said a special purpose company it jointly owns with PLDT Communications and Energy Ventures Inc. will acquire 68.8 million Manila Electric Co. shares from PLDT Communications at 220 pesos each or 15.136 billion pesos.

PLDT Communications will then subscribe to 1.199 billion preferred shares of the special purpose company, Beacon Electric Asset Holdings Inc., for 15.136 billion pesos, Metro Pacific said in a disclosure to the stock exchange today.

The acquisition of the shares will bring Beacon’s interest in Meralco, the nation’s biggest power distribution utility, to 45.35 percent, Metro Pacific said.

To contact the editor responsible for this story: Cecilia Yap at cyap19@bloomberg.net


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