Metro Pacific tightens grip on Philippine power giant Meralco as San Miguel trims stake

[MANILA] Ownership of the Philippines’ largest electricity distributor Manila Electric Co (Meralco) is shifting as one tycoon strengthens his grip while another cuts his exposure. 

Manuel Pangilinan’s Metro Pacific Investments Corp has agreed to pay a hefty premium for a 1.9 per cent stake in Meralco from Ramon Ang-led San Miguel in a 12.4 billion peso (US$198.4 million) deal. It will raise Metro Pacific’s holding to 49.4 per cent, keeping its holdings just below majority ownership to avoid triggering a full takeover under local securities rules.

The purchase, at more than six times San Miguel’s original acquisition price, could reflect a broader realignment of corporate capital across the Philippines’ highly concentrated electricity market.