Key Developments: Manila Electric Co (MER.PS)
384.80PHP
17 May 2013
Php-0.80 (-0.21%)
Php385.60
Php389.00
Php389.00
Php383.60
748,450
479,306
Php397.00
Php220.00
Latest Key Developments (Source: Significant Developments)
Manila Electric Company's Subsidiary To Form Joint Venture Company With First Pacific Company Limited's Subsidiary
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
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
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 Company Files Application With Energy Regulatory Commission (ERC) For Approval Of Power Supply Agreement With Therma Luzon Inc and AP Renewables, Inc.
Manila Electric Company (Meralco) announced that it has executed Power Supply Agreements (PSA) with Therma Luzon Inc (TLI) and AP Renewables, Inc. (APRI). The Power Supply agreements were executed to cover the volume needed by Meralco during the six-month transition period before the start of the commercial operations of open access and retail competition. TLI and APRI both wholly-owned subsidiaries of Aboitiz Power Corporation, a publicly-listed holding company that has accumulated interests in both hydroelectric power generation facilities and thermal plants. TLI is the IPP administrator of the Pagbilao power plant in Pagbilao, Quezon. Under the PSA with TLI and APRI, Meralco will procure power from TLI and APRI from the expiration of the TSC until June 25, 2013 conditioned upon ERC approval. Full Article
Manila Electric Company's MERALCO PowerGen Corp. Plans To Put Gas Plant In Batangas
Manila Electric Company announced that MERALCO PowerGen Corp., the power generation arm of the Company, is planning of putting up a natural gas-fired plant in Luzon, including Batangas. The cost and site for the said project are to be determined by feasibility study. Full Article
Manila Electric Co and Cisco Systems Inc Collaborate on Future-Ready Energy Utilities for Philippines
Manila Electric Co and Cisco Systems Inc announced that they are collaborating on a holistic approach to providing reliable computing and networking infrastructure as a foundation for operations on a smart grid. Full Article
Manila Electric Company's Subsidiary Plans to Acquire Power Plant
Manila Electric Company announced that Meralco PowerGen Corporation, the power generation unit of the Company, has expressed its interest to acquire the 650-megawatt Malaya Thermal Power Plant in Pililia, Rizal. Full Article
San Miguel Corporation's Subsidiary Purchases Manila Electric Co Shares
San Miguel Corporation announced that its subsidiary, SMC Global Power Holdings Corp, purchased 62,990,638 common shares of Manila Electric Co at PHP 90.00 per share. The shares represent approximately 5.6% of the outstanding capital stock of Manila Electric Co. Full Article
Manila Electric Company Declares Property Dividend
Manila Electric Company announced a property dividend consisting of 3,049,799,442 shares of Rockwell Land Corporation in the amount of PHP 4,452,707,185.32 payable to stockholders of record as of March 23, 2012. Full Article
Manila Electric Company Announces Cash Dividend
Manila Electric Company announced its cash dividend equivalent to PHP 4.10 per share to all common stockholders of record as of March 23, 2012, payable on April 23, 2012. Full Article
Manila Electric Q1 net profit rises 19 pct y/y
April 22 - Three months ending March 31, 2013. (in billion pesos) Net income 4.02 vs 3.37 Core net income 4.02 vs 3.42 Revenue 64.82 vs 65.63 NOTE: Manila Electric Co (Meralco), the Philippines' largest power utility, is controlled by Hong Kong-listed conglomerate First Pacific Group and partly owned by Philippine conglomerate San Miguel Corp . To view the company's full disclosure on its results,
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