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.
Published December 23, 2020 4:55pm Meralco PowerGen Corporation (MGen), a wholly-owned generation subsidiary of the Manila Electric Co. (Meralco), is set to fully acquire and take over Global Business Power Corporation (GBP), a leading power producer outside Luzon. MGen, which currently owns 14% of GBP, is set to acquire 56% owned by the Metro Pacific Investments Corporation (MPIC) through its subsidiary Beacon Powergen Holdings Inc. The transaction involves 1.077 billion shares, valued at P20.83 apiece, bringing the total to P22.443 billion to be paid in installments. This combination is a strategic one for MPIC as it presents opportunities in terms of promoting scale and operational efficiency while at the same time streamlining capital for MPIC’s other growth areas, said MPIC president and chief executive officer Jose Ma. K. Lim.
Published December 24, 2020, 5:00 AM
Meralco PowerGen Corporation (MGEN), a power generation investment subsidiary of Manila Electric Company (Meralco) has acquired 86-percent shareholdings of affiliate firm Global Business Power Corporation (GBP) for P34.466 billion.
The stake acquisition by MGEN was carried out through the transfer of the shareholdings of Beacon Powergen Holding Inc. (BEAHI), a wholly owned subsidiary of Metro Pacific Investments Corporation (MPIC); and the interest held by JG Summit Holdings Inc. of the Gokongwei group.
The purchase price of the transferred BEAHI shareholdings had been pegged at P22,443,400,000.00 – and that accounted for its 56-percent equity in GBP.
For the JG Summit shares, the transaction amounted to P12,023,250,000.00 for the 30-percent ownership of the Gokongwei firm in Global Power.