PMEA Blog

Michelle Remo Elizabeth Sanchez-Lacson
Philippine Daily Inquirer

The state-run pension fund Government Service Insurance System (GSIS), which has been in a well-publicized boardroom dispute at power retailer Manila Electric Co. (Meralco), is selling its 27-percent shareholding in Meralco to the beverage and good conglomerate San Miguel Corp. for P90 a share—more than double the Meralco closing price of P44.50 on Monday.

San Miguel has gotten board consent for management to enter into a sale and purchase agreement with the GSIS on the latter’s shares in Meralco, San Miguel chief financial officer Ferdinand Constantino said in a disclosure to the Philippine Stock Exchange.

Read more