Top management changes are being firmed up to be enforced by the end of this month at the Meralco PowerGen Corporation (MGen), the power generation arm of Manila Electric Company (Meralco), according to highly placed sources.
Jaime T. Azurin, president of Global Business Power Corporation, a
Published April 27, 2021, 12:20 PM
Meralco PowerGen Corporation (MGen), the power generation investment subsidiary of Manila Electric Company (Meralco) has completed the acquisition of the shareholdings of affiliate firm Global Business Power Corporation (GBP) on March 31 this year, according to Meralco executives.
To partly fund the merger and acquisition (M&A) deal which was valued at P34.466 billion, Meralco Chief Finance Officer Betty Siy-Yap disclosed that P22 billion worth of loans had been secured from two banks – BDO and the Philippine National Bank.
She qualified that parent firm Meralco tapped P5.0 billion of the required borrowings for the acquisition; while MGen secured bigger loan chunk of P17 billion with PNB.
on December 28, 2020 at 9:17 pm
Meralco PowerGen Corporation (MGen), the power generation arm of the Manila Electric Company (MERALCO), the country’s largest power distributor has taken full ownership of Global Business Power Corporation (GBP), the largest power generator outside Luzon.
In a disclosure to the Philippine Stock Exchange, MERALCO said that MGen, which owns 14% of GBP, will be buying out Metro Pacific Investments Corporation (MPIC) and JG Summit Holdings. MPIC, through subsidiary Beacon Powergen Holding, Inc., owns 56% of GBP while JG Summit owns the remaining 30%.
The transaction, which is still subject to approval by regulatory agencies, will cost a total of Php34.5 billion. Php22.4 billion represents MPIC’s stake, while Php12 billion represents JG Summit’s.
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