MANILA, Jan 18 (Reuters) - Philippine pension fund Government Service Insurance System (GSIS) sold its 4 percent stake in Manila Electric Co last month at an undisclosed price, its president said on Monday.
Winston Garcia told Reuters the shares were sold in December to local firm PhilPlans Inc, a former unit of the Philippine arm of the American International Group, 'at a price very acceptable to GSIS.' He declined to give further details.
'We do not have financial interests in Meralco anymore,' Garcia said.
GSIS was allied with the San Miguel Corp in the food-to-power conglomerate's bitter battle with the PLDT group for control of Meralco. It was not clear whether PhilPlans will also vote along with San Miguel in the Meralco board.
With GSIS' divestment, San Miguel and its allies now hold about 43 percent of Meralco.
The sale effectively rendered moot the court petitions filed by GSIS forcing the group of Metro Pacific Investments Corp and sister firm PLDT to offer to buy out smaller Meralco shareholders under the same terms as its November purchase.
In November, Metro Pacific bought a 6.7 percent stake in Meralco for 300 pesos apiece or $471 million, bringing to 41.4 percent the group's total shareholdings in the power firm.
Metro Pacific and PLDT are both held by Hong Kong's First Pacific Co Ltd..
Meralco shares were down 0.51 percent to 196 pesos in mid-session on Monday, while the main stock index was down 0.61 percent.
(Reporting by Karen Lema; Editing by Rosemarie Francisco) ((If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) Keywords: MERALCO/ (karen.lema@thomsonreuters.com; +632 841-8938; Reuters Messaging: karen.lema.reuters.com@reuters.net) 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.
Winston Garcia told Reuters the shares were sold in December to local firm PhilPlans Inc, a former unit of the Philippine arm of the American International Group, 'at a price very acceptable to GSIS.' He declined to give further details.
'We do not have financial interests in Meralco anymore,' Garcia said.
GSIS was allied with the San Miguel Corp in the food-to-power conglomerate's bitter battle with the PLDT group for control of Meralco. It was not clear whether PhilPlans will also vote along with San Miguel in the Meralco board.
With GSIS' divestment, San Miguel and its allies now hold about 43 percent of Meralco.
The sale effectively rendered moot the court petitions filed by GSIS forcing the group of Metro Pacific Investments Corp and sister firm PLDT to offer to buy out smaller Meralco shareholders under the same terms as its November purchase.
In November, Metro Pacific bought a 6.7 percent stake in Meralco for 300 pesos apiece or $471 million, bringing to 41.4 percent the group's total shareholdings in the power firm.
Metro Pacific and PLDT are both held by Hong Kong's First Pacific Co Ltd..
Meralco shares were down 0.51 percent to 196 pesos in mid-session on Monday, while the main stock index was down 0.61 percent.
(Reporting by Karen Lema; Editing by Rosemarie Francisco) ((If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) Keywords: MERALCO/ (karen.lema@thomsonreuters.com; +632 841-8938; Reuters Messaging: karen.lema.reuters.com@reuters.net) 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.
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