The MVP Group, led by businessman Manuel Pangilinan, is open to acquiring San Miguel Corp.’s 3.8-percent interest in power retailer Manila Electric Co. (Meralco), although no firm decision has been made by the board.
San Miguel, led by businessman Ramon Ang, through its power generation arm San Miguel Global Power Holdings Corp., acquired its stake in Meralco from Land Bank of the Philippines for about P3.9 billion. The deal was consummated after 17 years.
Meralco chairman and chief executive Manuel Pangilinan said they were waiting for a signal from Ang on his plans for the Meralco shares.
“As to what he intends to do with his acquisition, we have not spoken to him about it. A bit too early to do that,” Pangilinan said.
Meralco’s major shareholders include Metro Pacific Investments Corp. and JG Summit Holdings Inc.
“We discussed that with the board. No decision. We just look at the options. It really depends on what San Miguel’s plans are… [whether] to keep it… Of course, they’re welcome to become shareholder,” Pangilinan said.
Ang, when asked for comment at the time of the block sale transaction, said these were “old transactions after 17 years.”
Data from the Philippine Stock Exchange showed that 43.23 million Meralco shares were sold at P90 per share, a steep discount versus Meralco’s closing price of P540 pesos on Tuesday. Based on the current market price, the 43.23 million shares are now worth P23.4 billion.
“Such shares were transacted in the Philippine Stock Exchange this morning through the deeds of absolute sale which contained the terms and conditions mutually determined by and acceptable to both parties and conformably with the decision of the Court of Appeals,” San Miguel said in a disclosure to the stock exchange on July 23, 2025.
Regina Capital Development Corp. head of sales Luis Limlingan said San Miguel could use the investment as a bargaining chip for a future partnership or joint venture with Meralco.
The shares acquired by San Miguel are related to a 2008 transaction where Land Bank agreed to sell 46,596,596 shares of stock in Meralco to San Miguel.
