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Meralco shares rise after Senate OKs franchise renewal
The Philippine Star
|February 05, 2025
The share price of power giant Manila Electric Co. (Meralco) closed higher after senators voted to pass the measure renewing its franchise for another 25 years.
The company's shares remained strong in green territory on Tuesday, climbing by 6.27 percent to close at P478.20 apiece.
With 18 affirmative votes, one negative and zero abstentions, the Senate on Monday approved on third and final reading House Bill (HB) 10926, which seeks to renew the franchise granted to Meralco under Republic Act 9209.
Once enacted into law, the power distributor is expected to provide electric service to its franchise coverage until 2053.
This story is from the February 05, 2025 edition of The Philippine Star.
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