MANILA, Philippines - Businessman Manuel Pangilinan's group says it has no plans to raise its stake in Manila Electric Co (Meralco) by offering to buy shares held by San Miguel.

The two groups had once competed for control of Meralco years back, with San Miguel saying it will sell its Meralco shares only at P350 per share, a premium at that time.

Meralco shares have since rallied close to that price, now at P328 per share or 26% up so far this year.

But Metro Pacific, Meralco's parent, says the group is comfortable with its current 48% holdings.

"We are happy where we are. We have a sufficient holding in Meralco, we're happy with the management control we have. I don't think we need to buy anymore. If we cross the 50% threshold that of course triggers mandatory tender offer," Metro Pacific president Joey Lim said on ANC's Inside Business.

Meanwhile, Lim says they're willing to again revise their offer to expand MRT-3.

But if the government proceeds with its planned takeover of the railway, Metro Pacific says the owners have to be compensated.

"The expansion rights of MRT-3 are still with the private shareholders/equity shareholder. We bought the option precisely to expand it, but the government will have to agree to the expansion that we proposed. If we decide that they want to carry out the expansion itself, we can't do anything about that. However, it will require the consent of the owner," Lim said.

"We have given them a proposal. They can either accept that or return it to us with some modifications because they want to add trains or they can reject it completely in which case, we will require that some compensation be given to equity shareholders," he added.