Meralco acquires Pampanga distributor
Manila Electric Co. (Meralco) has secured a majority stake in a company that manages an electricity cooperative (EC) in Pampanga.
In a disclosure to the Philippine Stock Exchange, Meralco said it subscribed to P300 million worth of stock in Comstech Integration Alliance, Inc. (Comstech), which manages the Pampanga II Electric Cooperative Inc. (Pelco II).
The shares “represent 60 percent of the authorized capital stock of Comstech,” Meralco said.
On Feb. 26, Meralco signed the shareholders agreement (SHA) with Comstech to seal the power retailer’s equity investment in the electric cooperative. Under the deal, Meralco agreed to subscribe to 3 million new shares to be issued by Comstech valued at P100 a share.
Comstech was awarded the investment management contract (IMC) for Pelco II in February 2014.
On the company’s website, Pelco II said it serves seven towns and municipalities: Mabalacat, Guagua, Lubao, Porac, Sta. Rita, Sasmuan and Bacolor.
On April 8, 1979, the members of Pampanga Electric Cooperative Inc. agreed to split the cooperative into two—Pelco I and Pelco II.
Pelco II was incorporated on April 23, 1979 in Bacolor, Pampanga. It started formal operations on May 26, 1979, initially serving 28,696 customers in six districts.
It expanded its operations when it took over the new coverage areas of Guagua Rural Electric Service (GRES) and the Lubao Municipal Electric System (LMES) in July 1980 and November 1981, respectively. Later, Pelco II’s service coverage expanded to seven municipalities of Pampanga.
Around that time, Pelco II’s main office was located in Sta. Filomena, Guagua, Pampanga.
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