'Rumors linking us to Meralco takeover unfounded' - Aboitiz

MANILA, Philippines- The Aboitiz group on Monday reiterated its denial of rumors that it seeks to take over Manila Electric Co. through the "management shake up" currently being called for Government Service Insurance System chief Winston Garcia. “We wish to advise the investing public that these statements are all unfounded. The Aboitiz Group of companies has not considered any takeover arrangement of Meralco, whether by itself or with other entities," said Jasmine S. Oporto Aboitiz Power Corp. corporate secretary, in a disclosure to the Philippine Stock Exchange. Aboitiz Power is a unit of Aboitiz Equity Ventures. Aboitiz Power owns a significant portion of Visayan Electric Co. Inc., which is also partly owned by Hijos de F. Escano and Vivant Corp., which is the holding company of the Garcia family. “The Garcia Family of VECO is a different family from that of former Gov. Pablo Garcia, Mr. Winston Garcia, incumbent Cebu Governor Gwendolyn Garcia and Congressman Pablo John Garcia. Messrs. Dennis V.A. Garcia, Ramontito E. Garcia, Gil A. Garcia II, Charles Sylvestre A. Garcia and Antonio V.A. Garcia de Escano, who are members of the Board of VECO, belong to the Hijos de F. Escano family," Oporto said. Oporto added that VECO is not represented by Garcia & Garcia Law Offices that is based at 2091 Andres Abellana St., Guadalupe, Cebu City “as certain news articles insinuate". Garcia and Garcia is the law office of Gov. Pablo Garcia and sons, GSIS president and general manager Winston Garcia and Pablo John Garcia’s law offices. VECO’s assistant corporate secretary and one of the company's external counsels is Atty. Jess Anthony N. Garcia, who is the managing partner of J.P. Garcia & Associates Law Offices with address at 902 Ayala – FGU Tower, Cebu Business Park. “Although Atty. Jess Anthony N. Garcia is related to Mr. Winston Garcia, the Garcia & Garcia Law Offices and J.P. Garcia & Associates Law Offices are two separate and distinct law offices that function independently of each other and do not share the same clients," Oporto explained. In a briefing two weeks ago, Jon Ramon Abotiz, AEV president and chief executive, told reporters that the family is not interested in buying into Meralco or taking over the management of it. “I don't know why people continue to drag our name into it... We absolutely have no interest in Meralco, never had any interest in Meralco and we have a very close relationship with the Lopez family. The speculation of people, trying to drag us in is just pure fertile imaginations." - GMANews.TV