HONG KONG (Yosefardi) – First Pacific Company Ltd, controlled by Salim Group, reported that its subsidiary Metro Pacific Investment had on 24 June 2014 entered into a sale and purchase agreement with Beacon.
Beacon has agreed to sell 56.35 million shares in Meralco, Manila electric company, representing 5% in the issued share capital of Meralco, at an aggregate consideration of Php13.24 billion, equivalent to approximately US$302.3 million or HK$2.4 billion.
Beacon is a special purpose company jointly owned as to 50% each by Metro Pacific Investment and PCEF (a subsidiary of PLDT, a company in which First Paficic holds an approximately 25.6% economic interest.
Meanwhile the Light Rail Manila Consortium (LRMC) has submitted a bid of Php 9.35 billion (equivalent to approximately US$213.5 million or approximately HK$1.7 billion) in concession fees for the re-launched tender for the Php 64.9 billion (equivalent to approximately US$1.5 billion or approximately HK$11.6 billion) LRT1 Extension project to the Philippine Government.
The LRMC is the sole bidder for the project. The relevant Philippine Government authorities are in the process of assessing the LRMC’s bid.