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Sunday, March 1, 2015

Meralco buys into company that runs Pampanga electric coop

Meralco has taken over the company that won the contract to manage an electric cooperative in Pampanga province.

In a disclosure to the Philippine Stock Exchange, Manila Electric Company said it signed yesterday a shareholders agreement with Comstech Integration Alliance Inc.

Under the deal, Meralco will subscribe to 300 million shares that Comstech will issue at P100 a share. The deal cost Meralco P300 million and gives it a 60 percent stake in Comstech.

Prior to its investment, Meralco served as technical advisor to Comstech, which last year bagged the investment management contract for the operation and management of the Pampanga II Electric Cooperative (PELCO II).

PELCO II distributes electricity in one city and six towns of Pampanga.

- Interaksyon

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