SMC increases stake in Meralco with P93M share acquisition

San Miguel Corp. (SMC), through its unit San Miguel Global Power Holdings Corp. (SMGP), has increased its ownership in Manila Electric Co. (Meralco) by acquiring an additional P93 million worth of shares.

SMGP purchased approximately 1.03 million Meralco common shares from the Land Bank of the Philippines at P90 per share via a special block sale.

This acquisition follows SMGP's recent P3.9 billion buyout of Landbank's 3.8 percent stake in Meralco, finalizing a deal that was delayed for 17 years.

The deal's delay was due to a Court of Appeals ruling that Landbank had breached its obligation to sell the Meralco shares to SMGP as per their 2008 agreement.