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First Philippine Holdings gets 100 mln usd loan from BDO to buy Meralco shares


Published : Thu, 26 Jul 2007 02:41
By : Agencies
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MANILA (Thomson Financial) - Power and infrastructure conglomerate First Philippine Holdings Corp (FPHC) said Thursday it has obtained a 100 million US dollar loan from Banco de Oro-EPCI Inc to fund its purchase of more shares in Manila Electric Co (Meralco).

In a disclosure to the stock exchange, FPHC said it was seeking to raise as much as 350 million

dollars to fund its bid to increase its stake in the power distributor. It did not say how it would raise the

remaining 250 million dollars.

FPHC, which holds the interest of the Lopez family in power generation, distribution and infrastructure businesses in the Philippines, earlier agreed to purchase another 6.6 percent stake in

Meralco from Meralco Pension Fund for 8.3 billion pesos.

FPHC will also buy out partner Union Fenosa Internacional SA of Spain from First Philippine Union Fenosa Inc (FPUFI), which owns 22.86 percent of Meralco, for 250 million dollars.

At present, FPHC directly owns 3.98 percent of Meralco.

FPHC has also expressed interest in acquiring the Philippine government's more than 20 pct stake in Meralco, which the government plans to divest to raise additional revenue to plug its budget deficit.

(1 US dollar = 45.06 pesos)

enrico.delacruz@thomson.com

ed/ms

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Copyright AFX News Limited 2007. All rights reserved.

The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.

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