MPIC raises stake in Meralco

Investment holding company Metro Pacific Investments Corp. (MPIC) on Monday said it has entered a purchase agreement to boost its interest stake in Beacon Electric Asset Holdings by 25 percent for a purchase price of P26.2 billion. This will effectively hike MPIC’s equity stake in Beacon from 50 percent to 75 percent and will decrease…

PLDT to unload Meralco shares

Philippine Long Distance Telephone Co. (PLDT) is in talks with Metro Pacific Investments Corp. (MPIC) as it looks to unload its shares in power utility giant Manila Electric Co. (Meralco) to reduce debts and support capital expenditures.  Meralco is owned directly by two major stockholder groups: Beacon Electric Asset Holdings Inc. and JG Summit Holdings…