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Manila Electric falls to one-week low after stake sale

Thu Nov 5, 2009 10:17pm EST

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MANILA, Nov 6 (Reuters) - Shares of Manila Electric Co (Meralco) (MER.PS) fell to a one-week low on Friday after First Philippine Holdings (FPH.PS) forged a $471 million deal to sell a 6.7 percent stake in the Philippine power retailer.

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By 0315 GMT, Meralco was down 9.95 percent at 199 pesos, recovering from an earlier fall of almost 11 percent.

On Thursday, First Holdings said it would sell a 6.7 percent stake in Meralco to Metro Pacific Investments Co (MPI.PS) at 300 pesos per share, boosting the control of the PLDT group (TEL.PS) on the utility. [ID:nMAN304602]

Metro Pacific was down 4.76 percent at 0315 GMT as the main index .PSI fell 0.39 percent.

First Holdings paired some of its early losses to reach 56.00 pesos by midday, down 3.45 percent.

(Reporting by Karen Lema)

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