First Pacific eyes majority in Meralco

MANILA, Philippines — The group of Philippine Long Distance Telephone Co. (PLDT) chairman Manuel V. Pangilinan, which will soon control the single biggest block at 30.2 percent of power distributor Manila Electric Co. (Meralco), is willing to further raise its stake in the country’s biggest retailer if any other blocks are for sale.

Asked if the group would be comfortable eventually controlling a majority stake in Meralco, Pangilinan said: “That’s true, the practice historically by First Pacific has been to have a controlling interest — whether majority or a significant minority depending on public ownership base of the investee company.”

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