Key Developments: Manila Electric Co (MER.PS)

MER.PS on Philippine Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Manila Electric Co approves declaration of interim and special dividend
Sunday, 27 Jul 2014 08:00pm EDT 

Manila Electric Co:Approves declaration of interim and special dividend amounting to 5.91 Philippine pesos per share.To all common stockholders of record as at Aug. 25.Payable on Sept.18.  Full Article

Manila Electric Co announces declaration of cash dividend
Monday, 17 Mar 2014 01:43am EDT 

Manila Electric Co:Approved the declaration of Special dividend of 6.45 Philippine pesos.Record Date is on Apr 15.Payment Date is on May 8.  Full Article

Electricity Generating PCL Announces Subsidiary's Partnership Agreement with Subsidiary of Manila Electric Company
Sunday, 17 Nov 2013 09:00pm EST 

Electricity Generating PCL announced that its wholly owned subsidiary, New Growth B.V. (New Growth) and Meralco PowerGen Corporation (MPG), a wholly owned subsidiary of Manila Electric Company entered into a partnership agreement for the proposal to develop a new MW (approximately) coal fired power plant project in Mauban, Quezon, the Philippines. The new plant will be located in adjacent to the existing 460 MW Quezon Power facility and will utilize shared services from the existing plant. The new plant is expected to be held by New Growth and MPG in the proportion of 49% and 51% respectively.  Full Article

Manila Electric Company's Meralco PowerGen Corp Buys 20% In Power Generation Arm Of GT Capital Holdings Inc-Reuters
Tuesday, 8 Oct 2013 11:50am EDT 

Reuters reported that Manila Electric Company said that its wholly owned unit, Meralco PowerGen Corp, has agreed to buy 20% of the power generation arm of conglomerate GT Capital Holdings Inc. Meralco said in a stock exchange filing the deal involving First Metro Investment Corp's (FMIC) 20% stake in Global Business Power Corp is subject to unspecified closing conditions. FMIC is a unit of GT Capital, owned by tycoon George Ty. Global Business Power, the main electricity provider in the central Philippines, has nine power plants with a total capacity of 627 megawatts. Meralco did not disclose the acquisition cost and other terms of the deal.  Full Article

JG Summit Holdings Inc To Pay San Miguel Corp $1.65 Billion For Manila Electric Co Stake-Reuters
Tuesday, 1 Oct 2013 01:43am EDT 

Reuters reported that JG Summit Holdings Inc said on October 01, 2013 that it will buy San Miguel Corp's stake in Manila Electric Co (Meralco) for PHP72 billion ($1.65 billion), a discount of around 19% to market prices. The stake is equivalent to 27.1% of Meralco's equity and, according to current market prices, worth around $2 billion.  Full Article

San Miguel Corp Says To Sell Manila Electric Co Shares To JG Summit Holdings Inc-Reuters
Monday, 30 Sep 2013 02:51am EDT 

Reuters reported that San Miguel Corp said that on September 30, 2013 it has agreed to sell its holdings in the Philippines' power retailer Manila Electric Company (Meralco) to JG Summit Holdings Inc. It was not immediately clear if San Miguel was selling its entire 27.1% stake in Meralco. Credit Suisse was San Miguel's financial adviser for the transaction.  Full Article

Manila Electric Company Announces Interim Dividend
Sunday, 28 Jul 2013 08:00pm EDT 

Manila Electric Company announced that the Board of Directors approved the declaration of an interim dividend of Pesos4.10, to all shareholders of record as at August 27, 2013, payable on September 20, 2013.  Full Article

Manila Electric Company's Subsidiary To Form Joint Venture Company With First Pacific Company Limited's Subsidiary
Monday, 4 Mar 2013 07:00pm EST 

Manila Electric Company announced that the Company has agreed to join First Pacific Company Limited (FPC) of Hong Kong, through its wholly owned subsidiary, MERALCO PowerGen (MPG), to take a 70% interest together in a Singapore power project using a joint venture company formed for this purpose. Under the joint venture, FPC through its subsidiary, FP Power Assets Limited (FPPA), and MPG will each subscribe to and pay for shares of FPM Power Holdings Limited (FPMP), under a 60% - 40% equity sharing, respectively. FPMP will serve as the corporate vehicle to secure the business interest of the joint venture. FPMP has entered into a Share Purchase Agreement (SPA) with GMR Infrastructure (Singapore) Pte. Limited and GMR Infrastructure Limited (GMRIL) for the acquisition of majority shares of GMR Energy (Singapore) Pte. Ltd. Under the SPA, FPMP will pay SGD 600,006,666.00 (approximately USD 488 million) to GMRIL for 70% interest in GMR Energy.  Full Article

Manila Electric Company Declares Cash Dividend For Common Stockholders
Sunday, 24 Feb 2013 07:00pm EST 

Manila Electric Company announced the declaration of cash dividend of PHP 6.10 per share to all its common stockholders of record as of March 26, 2013, payable on April 24, 2013.  Full Article

Manila Electric Company Plans To Borrow PHP 4 Billion From Local Banks
Sunday, 20 Jan 2013 07:00pm EST 

Manila Electric Company announced its plan to borrow up to PHP 4 billion by June this year to refinance maturing obligations. The Company's president, Oscar Reyes, said the Company is in talks with local banks for the loan.  Full Article

Manila Electric says 28 firms commit to use generator sets to ease power shortage

MANILA, Oct 31 - Twenty-eight companies in the Philippines have committed to use their diesel-fuelled generators to help ease a looming power shortage that could cripple one of Asia's fast-growing economies, Manila Electric Co (Meralco) said on Friday.

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