MANILA, Philippines - The deadline to sign the call option agreement, which will allow Metro Pacific Investments Corp. (MPIC) to increase its stake in Manila Electric Co. (Meralco) by 6.7%, has been extended by another month.

In a disclosure to the local bourse on Friday, Lopez-led First Philippine Holdings Corp. (FPHC) said it has agreed with MPIC to move the deadline for the call option agreement to February 28 from the original date of January 29.

This is the second time that the deadline for the call option has been moved. Early this week, both companies announced that they will move the deadline to January 29 from the original date of January 15. (Read: Metro Pacific, First Holdings move deadline for share deal)

"We just need some more time to finalize the agreement," FPHC spokesperson Benjamin Lopez said in a text message.

Despite the change of schedule for the signing of the call option agreement, the deadline for the exercise of the call option will not be moved.

The call option will raise MPIC's stake in Meralco to 41.4%, while FPHC's share in the country's largest power distribution utility will go down to 6.7%.

MPIC won the right to buy the Lopezes' 6.7% stake in Meralco last year after it decided to match Triratna Holdings Corp.'s offer to buy Meralco stock at P300 per share.

Under the deal, MPIC also agreed to lend P11.2 billion to the Lopezes to help cover the latter's debt repayments. The loan is payable on or before June 30, an extension of 3 months from the original date of March 31. With a report from BusinessWorld