MANILA, Jan 14 (Reuters) - Power conglomerate First Philippine Holdings Corp said on Thursday it was willing to sell 1.7 percent in Manila Electric Co (Meralco), reducing its stake in the utility to 5 percent.
First Holdings, owned by the Lopez business clan, was not in active talks with any group, including business ally PLDT group , for the sale of Meralco shares, company president Elpidio Ibanez told reporters.
'We want to keep a presence in Meralco, and 5 percent is the threshold for one board seat,' Ibanez said.
(Reporting by Rosemarie Francisco)
((rosemarie.francisco@thomsonreuters.com; +63 2 841-8937; Reuters Messaging: rosemarie.francisco.reuters.com@reuters.net)) Keywords: FIRSTHOLDINGS/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
First Holdings, owned by the Lopez business clan, was not in active talks with any group, including business ally PLDT group , for the sale of Meralco shares, company president Elpidio Ibanez told reporters.
'We want to keep a presence in Meralco, and 5 percent is the threshold for one board seat,' Ibanez said.
(Reporting by Rosemarie Francisco)
((rosemarie.francisco@thomsonreuters.com; +63 2 841-8937; Reuters Messaging: rosemarie.francisco.reuters.com@reuters.net)) Keywords: FIRSTHOLDINGS/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.