SAN Miguel Corp. (SMC) is selling a stake in Manila Electric Co. (Meralco) shares to Metro Pacific Investments Corp. at a significant premium compared to when it acquired an interest in the power firm last year.
In a disclosure, San Miguel said the board of power arm San Miguel Global Power Holdings Corp. had approved the sale of 46.6 million Meralco shares during a special meeting on Thursday.
During the same day, the company signed a contract to sell 21.41 million shares, equivalent to a 1.9-percent stake in Meralco, to Metro Pacific at P580.99 per share or P12.4 billion.
Based on reports, the block had cost San Miguel just P1.9 billion in 2025 when it purchased Meralco shares from Land Bank of the Philippines at the P90 apiece agreed upon in 2008
The purchase of 46.6 million Meralco shares from the state-owned bank had been stalled by a legal challenge.
Thursday’s purchase price was also higher than the Meralco’s close of P416 per share. The stock slipped by P1.20, or 0.29 percent, amid a 0.01-percent dip for the benchmark Philippine Stock Exchange index.
San Miguel shares also closed lower, by P1.85 (3.05 percent) to P58.75 apiece.
