SUMMARY
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JG Summit Holdings Inc. of the Gokongwei family has agreed to buy the shares of the San Miguel group in power distributor Manila Electric Company (Meralco). In a disclosure to the Philippine Stock Exchange on September 30, JG Summit said it has 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. In a surprise move in 2008, San Miguel Corp. acquired its 27-percent stake in the country’s biggest power player from state pension fund Government Service Insurance System (GSIS). It marked government’s retreat from its over 3-decade hold of a power distributor that had a checkered past. It was engaged in acrimonious boardroom battles with the Manuel V. Pangilinan and Lopez business groups, which eventually decided to leave.
Read the full story on Rappler.
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