MANILA, Philippines – JG Summit Holdings Inc. of the Gokongwei family has agreed to buy the 27% stake of the San Miguel group in power distributor Manila Electric Company (Meralco) for P72 billion.
In a disclosure to the Philippine Stock Exchange on Tuesday, October 1, JG Summit said it plans to finance the acquisition through a combination of debt and equity.
JG Summit announced Monday, September 30 it agreed to purchase the shares held by San Miguel Corporation and its units, San Miguel Pure Foods Company Inc. and SMC Global Power Holdings Inc., in Meralco.
“[The purchase is] subject to the satisfaction of closing conditions mutually agreed upon by the parties,” the company said.
“An appropriate disclosure shall be made to the exchange upon satisfaction of the said conditions,” it added, without disclosing details.