MANILA - Metro Pacific Investments Corp. (MPIC), the local unit of Hong Kong-based conglomerate First Pacific Co. Ltd., is tapping a P4.5-billion bridge loan from 2 local banks to help fund its acquisition of shares in power retailer Manila Electric Co. (Meralco).

In a disclosure to the Philippine Stock Exchange, MPIC, which is chaired by businessman Manuel V. Pangilinan, said it obtained board approval to secure bridge financing from lenders Metropolitan Bank & Trust Co. and Philippine National Bank.

At the same time, the company said its board has agreed to pledge a total of 13.35 million Meralco common shares as security for the said bridge financing.

MPIC is acquiring a total of 144.382 billion Meralco shares from PLDT Beneficial Trust Fund, the retirement fund established for qualified employees of telecommunications giant Philippine Long Distance Telephone Co. (PLDT). The shares were valued at P18.18 billion.

MPIC was supposed to raise $100 million through a follow-on offering to fund the purchase of Meralco shares, but decided to postpone it for August or September.

Earlier, Pangilinan said they would raise their stake in Meralco if there are opportunities.

Analysts said Pangilinan's group was actively buying Meralco shares in the stock market last week, when the power distributor's stock price soared to as high as P300.