Photo of Manny (Photo credit: Wikipedia)The Metro Pacific Group of business titan Manuel V. Pangilinan has divested in upscale property developer Rockwell Land Corp., which is not part of the conglomerate’s core business.
In a joint statement to securities regulators yesterday, Metro Pacific Investments Corp. (MPIC) and First Philippine Holdings Corp. (FPHC) said Beacon Electric Asset Holdings Inc. has transferred around 1.5 billion shares in Rockwell worth roughly P3.1 billion to Lopez-owned FPHC and FPHC Pension Fund.
“Beacon transferred to FPHC 1.3 billion shares, as additional consideration for the 74.7 million Manila Electric Co. (Meralco) common shares acquired by Beacon from FPHC pursuant to the exercise of a call option on such shares on March 30, 2010,” the companies said.
“The consideration of the transfer of the 1.3 billion shares to FPHC is P2.01 per share or a total consideration of P2.613 billion,” they added.
The shares were crossed yesterday at the Philippine Stock Exchange.
Beacon secured a stake in Rockwell after Meralco divested its 51 percent stake in Rockwell by declaring it as property dividends. It resulted in FPHC owning a 52-percent stake in the high-end property firm.
Beacon, equally is owned by MPIC and PLDT Communication and Energy Ventures Inc., also transferred 84.546 million shares worth P169.938 million to FPHC as instructed by First Philippine Utilities Corp. (FPUC).
FPUC, a subsidiary of FPHC, retained its rights over the shares despite the MPIC group’s purchase of 30 million Meralco common shares, Beacon said.
Furthermore, Beacon sold 52.787 million additional Rockwell shares to FPHC valued at P2.01 apiece or a total of P106.1 million.
In 2009, FPHC sold 223 million Meralco shares worth P20.07 billion to the Pangilinan-led group. The Lopez-led holding firm sold an additional 74.7 million Meralco shares, or 6.6 percent of Meralco, in March 2010 for P22.41 billion.
Lastly, Beacon sold 87.953 million shares to FPH Pension Fund for P2.01 apiece or a total consideration of P176.787 million.
MPIC unloaded its shares in Rockwell as the company is not a core business of the conglomerate. Specifically, MPIC is into toll roads (Metro Pacific Tollways Corp.), power distribution (Meralco), water utility (Maynilad Water Services Inc.) and hospitals.
In May, Rockwell listed 6.23 billion common shares in the local bourse by way of introduction as a result of a Meralco’s property dividend.
Rockwell earned P915 million last year, up 14 percent from P801 million a year earlier on the back of a 26 percent jump in revenues to P6.2 billion. Revenue growth was driven by residential sales due to higher booking and construction completion in 2011 from ongoing projects.
Rockwell is looking to breach the P1 billion mark in terms of net income this year. Revenues are forecast to grow to P7.4 billion, an increase of 20 percent from the year before.
http://www.philstar.com/Article.aspx?publicationSubCategoryId=66&articleId=821974
No comments:
Post a Comment