San Miguel Global Power Holdings Corp. said Tuesday it purchased 1,034,624 common shares of Manila Electric Company (Meralco) from Land Bank of the Philippines through a special block sale.
The Meralco shares, crossed through the Philippine Stock Exchange on Aug. 22, 2025 by virtue of the deed of absolute sale of shares executed by the parties, were sold at P90 apiece.
San Miguel Corp. announced in July that its power generation unit SMGP acquired a 3.8-percent stake in Meralco or equivalent to 43.23 million shares from LandBank for about P3.9 billion at P90 apiece in a deal consummated after 17 years.
The shares acquired by SMC is related to the 2008 transaction where LandBank agreed to sell its 46,596,596 shares of stock in Meralco to SMC.
“Such shares were transacted in the Philippine Stock Exchange this morning thru 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,” said SMC in a disclosure to the stock exchange last month.
SMC chairman Ramon Ang said when asked for comment at the time of the block sale transaction that these are “old transactions after 17 years.”
The MVP Group, led by businessman Manuel Pangilinan, expressed interest to acquire SMC’s 3.8-percent interest in Meralco, whose shareholders include Metro Pacific Investments Corp. and JG Summit Holdings Inc.
