MVP looks at buying Meralco shares held by San Miguel Corp.

The group of businessman Manuel V. Pangilinan is looking at catching Manila Electric Company (Meralco) shares which will be divested by San Miguel Corporation (SMC), but not to the point making a tender offer.

 

"There's been no final decision to what extent we may participate, but if we do... we may consider participating in a modest way," Pangilinan said on the sidelines of the annual stockholders' meeting of Philippine Long Distance Telephone Company in Katmai City.

 

"Not to the point it would trigger a general offer obligation,” Pangilinan noted. “We need to understand the process, pricing of the offering, and we just want to see an orderly procedure," he added.

 

At this point, however, Pangililan said thing will depend on what process SMC will adopt in divesting its Meralco shares. “We don't know the details of the process of the investment, because it's really up to them to determine that...”

 

However, he said his group is happy holding a 48-percent stake in Meralco through Metro Pacific Investments Corp.

 

"In terms of our shareholding, we are comfortable with what we have and we are prepared to assist [San Miguel] for an orderly exit," Pangilinan said.

 

In a disclosure on June 4, SMC said it is looking at alternatives to the possible disposition of its 32.8 percent stake in Meralco. — VS, GMA News