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THE Lopezes expect to complete by next month the sale of at least half of its remaining 13.4-percent stake in Manila Electric Co. to the First Pacific group, according to the family patriarch.
At the sidelines of a turnover ceremony at the Energy Development Corp. office, Oscar Lopez, chair of First Philippine Holdings Corp., said they expected to finish ongoing negotiations with businessman Manuel V. Pangilinan hopefully by November.
According to Lopez, the family was selling only half of its remaining stake in the power distribution utility ?so we can wait for better prices later.? As for the other half, the family patriarch disclosed that they plan to hold on it for a while and sell ?probably two or three years from now.?
After selling a 20-percent stake to the PLDT group earlier this year, the Lopezes still own a crucial minority block of 13.4 percent through units First Philippine Holdings Corp. and Benpres Holdings Corp.
The First Pacific group, which owns 34.7 percent of Meralco through PLDT and Metro Pacific Investments Corp., has the right of first refusal on this remaining Meralco block.
Lopez told reporters that even if they sell half of the remaining stake, this right would remain in effect until the whole stake is sold. ?I think they will still keep us there... for some time,? Lopez added.
Pangilinan earlier said he was interested in acquiring the entire 13.4-percent block and not just a portion of it as initially speculated by the stock market.
