JG Summit to buy San Miguel shares in Meralco

Gokongwei-led JG Summit Holdings Inc. is buying the shares of the San Miguel Group in Manila Electric Company (Meralco).

"We advise that JG Summit Holdings Inc. agreed to purchase the shareholdings of San Miguel Corporation, San Miguel Pure Foods Company Inc. and SMC Global Power Holdings Inc. in Manila Electric Company," the Gokongwei-led firm said in a disclosure.

It added that the purchase is subject to the "satisfaction of closing conditions mutually agreed upon by the parties."

Last Wednesday, (SMC) and JG Summit Holdings confirmed that they are currently in talks over the shares sale in (Meralco). 

SMC raised nearly P17.4 billion from a placement for 64,333,330 Meralco common shares at P270 per share last July, wherein Manuel V. Pangilinan's Metro Pacific Investment Corp. bought 10 million shares from the sale. 
 
The shares sale reduced its stake – direct and indirect through SMC Global Power Holdings Corp. and San Miguel Pure Foods Company Inc. – in Meralco by 5.7 percent to 27.1 percent.
 
SMC earlier said it is looking at alternatives to dispose its 32.8 percent shareholdings in Meralco. — Danessa O. Rivera/KG/RSJ, GMA News