JG Summit Holdings to acquire San Miguel Corporation’s stake in Meralco for PhP 72 billion

JG Summit Holdings, Inc. is acquiring San Miguel Corporation’s stake in power distributor Manila Electric Company (Meralco) for PhP 72 billion. San Miguel and its units, San Miguel Pure Foods Company, Inc. and SMC Global Power Holdings, Inc., collectively hold a 27.1 per cent stake, or 305.417 million shares, in Meralco. JG Summit intends to finance the acquisition with a combination of debt and equity capital. Earlier, in July 2013, San Miguel sold a 5.7 per cent stake in Meralco for PhP 17.4 billion.