The 21.4-million-share block acquired from San Miguel Corp.’s power arm gives MPIC another 1.9 percent of Meralco, whose vast franchise covers Metro Manila and nearby growth centers.
The shares crossed through the Philippine Stock Exchange on Oct. 8, raising MPIC’s direct and indirect interest to about 49.4 percent from 47.5 percent.
That leaves the infrastructure group—whose businesses span power, water, toll roads and hospitals—just short of majority ownership in one of its most valuable assets.
MVP adds a personal stake
Pangilinan separately agreed days earlier to buy another 3.77 million Meralco shares from San Miguel Global Power Holdings Corp. for P2.19 billion.
The personal purchase represents about 0.33 percent of Meralco and, once completed, would further concentrate ownership around the group led by the utility’s chair.
San Miguel started with 46.6 million Meralco shares acquired from Landbank in 2025 after a deal struck 17 years earlier was finally enforced.
—Edited by Miguel R. Camus
