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MPI To Acquire MER

Pangilinan-led Metro Pacific Investments Corp. (PSE Ticker: MPI) will acquire Manila Electric Co. (PSE Ticker: MER) shares held by Beacon Electric Asset Holdings Inc. for an aggregate amount of Php13.24 billion.

The transaction was priced at Php235 per share and the total acquired MER stake amounted to 56.35 million shares. Furthermore, MPI will directly pay Php3 billion to Beacon and the remaining Php10.24 billion will be settled until February 2015. MPI will have 5% stake in the country’s biggest power distributor once the transaction has been completed.

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ICT To Invest in Iraq

The local equities market closed higher for the third consecutive day on bargain-hunting as investors collectively anticipated quarter-end window dressing.

The PSEi continued its upward momentum, increasing by 31.08 points, or +0.46% to close at 6,793.07.

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FMIC Profits Can Reach 3B

First Metro Investment Corp. (FMIC) stated that its profit for 2014 could be as much as Php3 billion.

FMIC President Roberto Juanchito T. Dispo noted that the firm will probably hurdle Php2.5 to Php3 billion for 2014 which is the range of income the firm normally produces.

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