December 23, 2020 | 8:05 pm Font Size
BW FILE PHOTO
A SUBSIDIARY of Manila Electric Co. (Meralco) will fully own one of the leading power producers outside Luzon after the latter’s two biggest stakeholders signed a deal to transfer their respective holdings for around P34.47 billion.
In a regulatory filing on Wednesday, Meralco said its unit Meralco PowerGen Corp. (MGen) signed agreements with Beacon Powergen Holdings, Inc. and JG Summit Holdings, Inc. for the transfer of their respective shareholdings in Global Business Power Corp. (GBP).
Beacon Powergen holds a 56% ownership interest in GBP, while JG Summit holds 30%. These will be acquired by MGen, which has an existing 14%, for P22.44 billion and P12.02 billion, respectively.
Toll holiday starts Dec 24
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MGen poised to take full control of Vis-Min power producer
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Valenzuela Mayor Rex Gatchalian (FACEBOOK / MANILA BULLETIN FILE PHOTO)
The statement came after a message accusing the Gatchalian family of corrupt practices and not being Filipino citizens began circulating in social media.
The message supposedly came from Manny V. Pangilinan, chairman of the Metro Pacific Investments Corporation.
Pangilinan has since denied the accusation.
Gatchalian again called on those spreading misinformation to stop diverting the public’s focus. He reiterated his call for NLEX Corporation to present real solutions to solve traffic jams and its faulty radio-frequency identification (RFID) toll collection system.
“We will not allow any multi-billion corporate entity to trample on our rights as motorists,” the city government said in a statement issued on Monday. “It is distasteful that instead of exerting all their time to lay down viable concrete actions, they wasted their energy and resources on a demolition job against the Mayor and the City
Philex Mining unit gets new 25-year term from DENR
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