First Holdings ups stake in Rockwell

Posted at 06/28/12 4:34 PM

MANILA, Philippines - The Pangilinan-led Beacon Electric Asset Holdings (Beacon) has completed the divestment of its holdings in upscale property developer Rockwell Land Corp. (ROCK) to the Lopez-owned First Philippine Holdings Corp.

The said ROCK shares were part of the property dividend declaration of Manila Electric Co., where Beacon holds about 45.36 percent interest.

Beacon is jointly owned by Metro Pacific Investments Corp. and PLDT Communications and Energy Ventures (PCEV) on a 50-50 percent basis.

The ROCK shares, totaling 1.437 billion were crossed on the the local bourse through a special block sale at a price of P2.01 per share.

With the transfer of shares, First Philippine Holdings (FPH) now owns 75.6 percent of Rockwell Land.

FPH received 1.3 billion Rockwell Land shares worth P2.6 billion. This is an additional consideration for the 74.7 million Meralco common shares acquired by Beacon from FPH.

FPH likewise acquired 84.5 million shares worth P169.9 million from Beacon following the assignment of the rights by First Philippine Utilities Corporation (FPUC), its wholly-owned subsidiary, over the said shares, in favor of FPH. In an earlier agreement between Beacon and FPUC, the latter retained its rights over the 84.5 million underlying shares even after the transfer of the 30 million MERALCO common shares to Beacon.

Additionally, FPH bought 52.8 million shares from Beacon for a total price of P106.1 million.

Pangilinan earlier said he had talked about the planned divestment with the Lopezes and that there was already an indicative pricing for the block.