MANILA, Philippines?Diversifying conglomerate San Miguel Corp. is willing to sell its 27 percent stake in the country's largest power retailer Manila Electric Co. "at the right price," company chair Eduardo Cojuangco Jr. said on Friday.
"Everything we have at the right price can be bought," Cojuangco told reporters at the sidelines of San Miguel PureFoods Co.'s annual stockholders meeting on Friday, when asked whether the conglomerate intended to remain as a strategic investor in Meralco.
"At the right price, we're willing to listen," he said.
San Miguel acquired the 27 percent voting rights in Meralco from the state-owned pension fund Government Service Insurance System in 2008. Since last year, however, the First Pacific Co. Ltd. had also bought into Meralco and acquired additional shares to become the single biggest shareholder in the power retailer.
