Meralco gets SEC nod to create e-vehicles unit eSakay

Listed power distributor Manila Electric Co. (Meralco) on Tuesday secured the approval of the Securities and Exchange Commission (SEC) for the establishment of a wholly-owned subsidiary focused on electric-powered vehicles.

In a regulatory filing submitted by Meralco corporate governance and compliance head Jocelyn Villar-Altamira, the power distributor said it received the certificate of registration of eSakay Inc. from the SEC.

eSakay Inc. is a "wholly owned subsidiary of the company formed to engaged in the business of owning, maintaining, and operating transport service networks of charging stations, batteries, and vehicles utilizing electric energy and other alternative energy sources."

The newly formed Meralco unit has a total of 1,127,098,705 outstanding shares and debt securities amounting to P18.5 billion.

"Aligned with the company’s goal of pioneering innovative energy solutions, Meralco supports sustainability in transportation via the company’s initiatives in helping create an effective and viable electric vehicle ecosystem," Meralco spokesperson Joe Zaldarriaga told GMA News Online.

"We have actually partnered with several customers from the government, academe and business sectors who have ventured into this greener path, with collaborations on EV charging stations development," Zaldarriaga said.

In December last year, Meralco informed the Philippine Stock Exchange of its plan to form a then-unnamed subsidiary engaged in the business of electric vehicles. — BM, GMA News