Tycoon Manuel V. Pangilinan is buying additional shares in Manila Electric Co. (Meralco) from San Miguel Global Power Holdings Corp. (SMGP) for P2.19 billion.
In a disclosure on Wednesday, San Miguel Corp. (SMC) said its power subsidiary had executed a contract with Pangilinan, chair of Meralco, to sell and purchase shares of stock.
The transaction, which would be pursued through a special block sale crossed at the Philippine Stock Exchange, involves the purchase of 3.77 million common shares in Meralco, priced at P580.99 each.
The block represents about 0.33 percent of the total issued and outstanding common shares of the distribution giant.
Last week, SMGP said its board had approved unloading up to 46.596 million Meralco common shares.
Tycoon Manuel V. Pangilinan is buying additional shares in Manila Electric Co. (Meralco) from San Miguel Global Power Holdings Corp. (SMGP) for P2.19 billion.
In a disclosure on Wednesday, San Miguel Corp. (SMC) said its power subsidiary had executed a contract with Pangilinan, chair of Meralco, to sell and purchase shares of stock.
The transaction, which would be pursued through a special block sale crossed at the Philippine Stock Exchange, involves the purchase of 3.77 million common shares in Meralco, priced at P580.99 each.
The block represents about 0.33 percent of the total issued and outstanding common shares of the distribution giant.
Last week, SMGP said its board had approved unloading up to 46.596 million Meralco common shares.