PLDT Ups Meralco Share to 30%

Lopez Group’s First Philippine Holdings Corp. has agreed to sell an additional 20 percent of Meralco to PLDT for around Php20 Billion. The sale was coursed through PLDT's Pilipino Telephone Corp. (Piltel) unit, which handles Talk 'n Text - A GSM brand with over 13 Million subscribers.

PLDT, which previously holds only around 10% stake in Meralco, now joins food and beverage giant San Miguel Corporation (with its 38% stake) as the biggest shareholders of the Electric company.

“The bottom line here is that it’s down to just two parties. It will be a boxing match between the PLDT group and San Miguel Corp. for control of Meralco,” said Jose Mari Lacson, head of research at Campos, Lanuza & Co.

Off hand, PLDT plans to work with Meralco on the handling and improvement of eight specific areas:

1. Power line broadband
2. Fiber optic backbone network
3. Electric power poles
4. Easements and rights of way
5. Prepaid electricity service
6. Business offices ICT or data center
7. Bill statement printing and enveloping
8. Subscriber base.

[via, photo via PLDTGroup]

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