Metro Pacific jacks up stake to 47.5%: MVP gobbles up P7.8B Meralco shares offloaded by Lance Gokongwei’s JG Summit

Metro Pacific Investments (MPI) chaired by bilyonaryo Manny V. Pangilinan bought the lion’s share of Manila Electric Co. (MER) shares sold by Lance Gokongwei’s JG Summit.

RELATED STORY: JG Summit stake slashed by nearly 11%: Lance Gokongwei gets P12.4B from sale of Meralco shares

MPI disclosed it acquired 22.542 million MER shares at P344 each or a total purchase price of P7.754 billion.

MPI accounted for 63 percent of the 36 million (P12.384 billion) MER shares sold by JG in an overnight block trade on June 28.

MPI – which took over control of MER from its founder, the Lopez family, in 2009 – will increase its stake in MER to 47.5 percent – 12.5 percent directly and 35 percent through subsidiary Beacon Electric Assets Holdings.

NGO blames drop in aquaculture production on PAP imports ban

Tugon Kabuhayan, a nongovernment organization advocating for food security and sustainable food production, has blamed the decline in aquaculture production in the second quarter on the import ban on processed animal proteins (PAPs) which was recently lifted by the Department of Agriculture.