HONG KONG (Yosefardi) – First Pacific Company Limited, controlled by Salim Group, reported its unit Metro Pacific Investments Corporation (MPIC) had on Tuesday (April 14) entered into a sale and purchase agreement with Beacon to acquire 10% stake in Meralco from Beacon at price of Php26.5 billion, equivalent US$594.2 million.

Beacon is a special purpose company jointly owned as to 50% each by MPIC and PCEV (a subsidiary of PLDT, a company in which the Group holds an approximately 25.6% economic interest).

Upon completion of the Acquisition, MPIC will own approximately 15% in Meralco directly and a further effective interest of approximately 17.48% in Meralco through its 50% interest in Beacon, thereby taking MPIC’s effective interest in Meralco to approximately 32.48%.

Meralco is a Philippine corporation with its shares listed on the PSE. It is the largest distributor of electricity in the Philippines with a service area spanning 9,337 square kilo metres, where approximately a quarter of the total Philippine population resides. It has a customer base of about 5.6 million, comprising commercial, industrial and residential customers.

The audited consolidated net assets of Meralco as at 31 December 2014 were  approximately Php 79.2 billion (equivalent to approximately US$1.8 billion or approximately HK$13.8 billion).