PCEV is a holding company owned 99.9 percent by Smart Communications, Inc., which, in turn, is a wholly owned subsidiary of PLDT.
Over the years, PCEV received P14.7 billion in cash dividends and completed its divestment for total consideration of P51.6 billion or about 2.75 times its invested capital.
The acquisition of PCEV's remaining 25 percent in Beacon, at what I consider to be a very attractive entry price, means that for the first time we have no minority partner in our power portfolio holding company,' MPIC chief executive Jose Ma.
Pangilinan, who chairs both MPIC and PLDT Inc., said PCEV's divestment of its stake in Beacon would help the telecom firm focus on key priorities in its core businesses.
PCEV is a holding company which is owned 99.9 percent by Smart Communications Inc.
MPIC said in its disclosure that as this is a related party transaction, the PLDT and PCEV directors who are also on MPIC's board inhibited themselves on the decision process at a special MPIC board meeting held for this purpose.
After the transaction, MPIC will still own through Beacon a further 17.48 percent of Meralco thereby taking its effective interest in Meralco to 32.48 percent while PCEV's interest in Meralco will be reduced to an effective interest of 17.48 percent.
PCEV is 99.84 percent owned by PLDT's Smart Communications.