First Philippine Holdings Corporation (FPH) acquired Beacon Electric Asset Holdings Inc.’s shares in Rockwell Land Corporation. The shares represent part of the property dividends in Rockwell Land declared by Meralco to its shareholders, including Beacon.
The transaction was effected by means of a special block sale coursed through the Philippine Stock Exchange. With the transfer of shares, FPH now owns 75.6% of Rockwell Land.
FPH received 1.3 billion Rockwell Land shares worth P2.6B. This is an additional consideration for the 74.7 million Meralco common shares acquired by Beacon from FPH.
FPH likewise acquired 84.5M shares worth P169.9M from Beacon following the assignment of the rights by First Philippine Utilities Corporation (FPUC), its wholly-owned subsidiary, over the said shares in favor of FPH. In an earlier agreement between Beacon and FPUC, the latter retained its rights over the 84.5M underlying shares even after the transfer of the 30M Meralco common shares to Beacon.
Additionally, FPH bought 52.8M shares from Beacon for a total price of P106.1M.
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