Manila Electric Co. (Meralco) has completed the sale of its shares of stock in Indra Philippines Inc. to Metro Pacific Investments Corp. (MPIC).
In a disclosure to the stock exchange on Thursday, Meralco said 84,012 common shares were sold to MPIC for P326.5 million.
Indra Philippines is a joint venture between Meralco and Indra Sistemas SA of Spain. From their website, Indra has been operating in the Philippines for the past 18 years, providing a wide range of services across highly dynamic industries, with key engagements in the Utilities and Telecommunications, Financial Services and Public Administration sectors in the region.
Metro Pacific Investments Corporation (MPIC) is the investment firm behind Metro Pacific Tollways Corporation, Maynilad, Light Rail Transit (LRT) and MERALCO. From their website, MPIC currently have 15% share of MERALCO. MPIC’s investment in MERALCO is primarily held through Beacon Electric Asset Holdings, Inc., a special purpose company jointly owned with MPIC and PLDT Communications and Energy Ventures, Inc.