THE PLDT group last night effectively blocked the attempt of a San Miguel ally to acquire the remaining 13.4-percent stake of the Lopezes in the contested Manila Electric Co.
The PLDT group, through Metro Pacific Investments Corp., exercised its right of first refusal over the Lopez bloc and matched the P300-a-share offer made by San Miguel ally Triratna Holdings for half of the 13.4-percent stake, said Elpidio Ibañez, president of First Philippine Holdings that owns the 13.4-percent stake in Meralco.
Ibañez said First Philippine had stuck to its announced plan to dispose of only half of the 13.4- percent stake for the moment.
“We wanted to maintain a strategic presence in Meralco, so we decided to keep the remaining half,” Ibañez said.
Under the agreement, Metro Pacific was given a call option by First Philippine Holdings on the 74.7-million common shares of Meralco, or about 6.7 percent of its outstanding common shares.
The call option may be exercised until March 31, 2010.
At the same time, Metro Pacific will lend P11.2 billion to First Philippine Holdings, or to its wholly-owned subsidiaries, to be covered by a promissory note that will mature on March 21, 2010.
The loan will carry an interest rate of 5 percent a year, and will be secured by Meralco and First Gen shares.
“We are very happy with the agreement reached with Mr. [PLDT and Metro Pacific chairman Manuel V.] Pangilinan,” First Philippine Holdings chairman Oscar Lopez said in a statement.
“It reflects a valuation that shows the strong growth prospects of Meralco. The proceeds, no doubt, will allow First Holdings to pursue its new directions and further establish itself in the country as the premier renewable energy provider.”
Ibañez said there would be no transfer of the Meralco shares until the call option was exercised.
If the call option is exercised, the Lopezes would be left with only one board seat in Meralco.
With the deal, meanwhile, the shareholdings of the PLDT-Metro Pacific group in Meralco went up to 41.7 percent, making the telecom conglomerate the single biggest shareholder.
Food and beverage giant San Miguel Corp. will remain the second biggest shareholder at 27 percent.
