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.
December 23, 2020 | 8:05 pm Font Size
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A SUBSIDIARY of Manila Electric Co. (Meralco) will fully own one of the leading power producers outside Luzon after the latter’s two biggest stakeholders signed a deal to transfer their respective holdings for around P34.47 billion.
In a regulatory filing on Wednesday, Meralco said its unit Meralco PowerGen Corp. (MGen) signed agreements with Beacon Powergen Holdings, Inc. and JG Summit Holdings, Inc. for the transfer of their respective shareholdings in Global Business Power Corp. (GBP).
Beacon Powergen holds a 56% ownership interest in GBP, while JG Summit holds 30%. These will be acquired by MGen, which has an existing 14%, for P22.44 billion and P12.02 billion, respectively.
Meralco unit buys 86% stake in GBP – The Manila Times manilatimes.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from manilatimes.net Daily Mail and Mail on Sunday newspapers.
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.
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