San Miguel completes sale of 27% stake in Meralco to JG Summit Holdings

San Miguel Group on Wednesday has completed the sale of its 27 percent stake in Manila Electric Co. (Meralco) to the Gokongwei family.

 

"The sale was made through the Philippine Stock Exchange via a special block sale today, December 11, 2013," San Miguel Corp. said In a disclosure to the Philippine Stock Exchange.

The deal involved 305,689,397 common shares of Meralco sold to JG Summit Holdings Inc.

 

San Miguel Corp., San Miguel Pure Foods Company Inc. and SMC Global Power Holdings Inc. had held the shares

 

On October 1, JG Summit said it was buying the entire stake of San Miguel Group in Meralco for P72 billion, to be financed through debt and equity capital. – Dannessa Rivera/VS/ELR, GMA News