The San Miguel Corporation has sold a 5.7 per cent stake in the Manila Electric Company (Meralco), the largest electric power distributor in the Philippines, for PhP 17,369.99 million. The company has sold 64.33 million shares at a price of PhP 270 apiece. Of the total number of shares sold, 10 million have been acquired by Beacon Electric Asset Holdings, Inc. Deutsche Bank AG and Standard Chartered Securities (Singapore) Pte., Limited are acting as placement agents for the transaction.
