Meralco expects to complete purchase of SPNEC’s majority stake this year

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Power retailer Manila Electric Co. expects to complete the acquisition of a majority stake in SP New Energy Corp. by yearend, a top executive said Tuesday.

“It attracted a lot of interest from foreign investors because it’s big. It’s transformative actually for the Philippines,” Pangilinan said. The transaction would result in Meralco owning 31.4 percent of SPNEC’s common shares, based on SPNEC’s 34.37 billion existing common shares and having a 50.5 percent voting interest .

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MlaStandard /  🏆 20. in PH

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