Metro Pacific raises $256m from Meralco block

Philippine conglomerate moves early to sell 4.5% stake in the country’s biggest power supplier. The deal's unique structure will see it restore nearly all of the stake later.

Infrastructure-to-real estate conglomerate Metro Pacific Investments raised P12.7 billion $256 million from a placement of shares in Manila Electric Meralco through an overnight block sale on Tuesday.

But Metro Pacific will use the funds for an upcoming acquisition that will see it restore its stake in Manila Electric, the Philippines' biggest power supplier albeit in a roundabout way.

Sources said the 50.7 million-share deal was fully covered within an hour of launching late on Monday afternoon, and the shares were eventually placed to about 30 investors in a fairly tightly allocated book. About 85% of shares went to the 10 biggest accounts,...

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