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Provider: Thomson Reuters Stock Report

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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.