Meralco weighs response to SMGP’s entry as shareholder

MANILA ELECTRIC CO. (Meralco) is weighing its next steps after San Miguel Global Power Holdings Corp. (SMGP) acquired shares in the company as a result of a long-delayed deal.

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“That was discussed earlier at the board. No decision yet. We're just looking at the options. It really depends on what San Miguel’s responses are,” Meralco Chairman and Chief Executive Officer Manuel V. Pangilinan told reporters on Monday.

A question was raised as to whether Meralco is open to acquiring the 43.23 million shares — equivalent to a 3.9% stake — that SMGP bought from state-run Land Bank of the Philippines (LANDBANK) at P90 per share.