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Saturday, 01 August 2009 00:00    Print
FPHC, PLDT close deal on Meralco
FIRST Philippine Utilities Corporation (FPUC), a wholly owned subsidiary of First Philippine Holdings Corporation (FPHC), has completed the sale of its 223 million common shares in Meralco to Pilipino Telephone Corporation (Piltel) for P20.07 billion. The sale of the shares, which represent around 20% of Meralco’s outstanding capital stock, was covered by a share purchase agreement between FPUC and Piltel, a subsidiary of Philippine Long Distance Telephone Company (PLDT).

FPHC chairman and CEO Oscar M. Lopez remarked, “We are very pleased that the transaction between First Holdings and the PLDT group led by Mr. Manny Pangilinan as closed smoothly and ahead of schedule. The proceeds from the sale will help to further paredown debt and unlock the value potential of First Holdings moving forward.”
 
The deal was made pursuant to an investment and cooperation agreement signed between FPHC and PLDT in March 2009, wherein both parties also agreed on certain corporate governance principles such as the nomination of directors to the Meralco board. (B.R. Lopez)

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