MVP Group acquires 20% of Global Business Power

MANILA, Philippines - The group of businessman Manuel V. Pangilinan has taken a 20-percent stake in tycoon George Ty’s power company, officials privy to the deal said yesterday.

Manila Electric Co. (Meralco), through its subsidiary Meralco PowerGen, signed Monday night an agreement to acquire a 20-percent interest in Global Business Power Corp., the power generation arm of Ty’s GT Capitol Holdings Inc.

“Meralco’s wholly-owned subsidiary, Meralco PowerGen Corp. signed a share sale agreement to acquire a 20-percent interest in Global Business Power Corp. which has power generation plants in the Visayas,” said Betty Siy-Yap, Meralco chief financial officer.

MVP Group spokesperson Mike Toledo said the “buy-in” is 100 percent self funded by the group.

Meralco senior vice president Al Panlilio also confirmed the transaction.

“Meralco PowerGen entered into a share purchase agreement with First Metro Investment Corp. for 20 percent of Global Business Power Corp., which owns

power plants in Visayas,” Panlilio said.

For his part, GT Capital chief financial officer Francisco Suarez said the Ty Group would make the proper disclosure soon.

“At this point we are still evaluating our options on the 20 percent and will make the necessary disclosure in due course,” he said in a text message.

Global Business Power insiders confirmed the signing of the agreement Monday night.

Early this year, Meralco PowerGen and Global Business Power signed an agreement for potential power projects in Mindanao.

Pangilinan earlier said the agreement is related to Philex Mining’s mines in the province.

He said that for Philex to proceed, it would need between 50 megawatts to 80 MW power capacity.