First Holdings says open to sell part of Manila Electric

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)

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