December 29, 2020 | 12:02 am Font Size
PHILSTAR/EDD GUMBAN
THE LOCAL bourse on Monday suspended the trading of securities of Manila Electric Co. (Meralco), which earlier announced its unit Meralco PowerGen Corp.âs (MGen) intention to acquire 100% ownership of Global Business Power Corp. (GBP) as the distribution utility has yet to submit the requirements for the substantial acquisition.
In a regulatory filing, open-end investment company First Metro Philippine Equity Exchange Traded Fund, Inc. (FMETF) said that the suspension took effect on Monday morning.
âThe Exchange deems that the foregoing transaction (of acquiring full ownership of GBP) is covered by the Rule on Disclosure for Substantial Acquisitions and Reverse Takeovers, under Section 5, Article VII of the Consolidated Listing and Disclosure Rules of the Exchange (the âSubstantial Acquisition Ruleâ),â the FMETF reported.
December 23, 2020 | 8:05 pm Font Size
BW FILE PHOTO
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.
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