MANILA, Feb. 27 (PNA) — The Manila Electric Company (Meralco) will subscribe to 300-million new shares from Comstech Integration Alliance Inc (Comstech) through a shareholder’s agreement (SHA) signed on Thursday.
”Under said SHA, Meralco agreed to subscribe to the new shares to be issued by Comstech in the total amount of Three Hundred Million Pesos divided into Three Million (3,000,000) shares with a par value of One Hundred Pesos per share,” Meralco said in a disclosure with the Philippine Stock Exchange (PSE) Friday.
It noted the soon-to-be acquired shares represents 60 percent of Comstech’s authorized capital stock.
Last Feb 2014, Meralco and Comstech were awarded the Investment Management Contract (IMC) for the management and operations of Pampanga II Electric Cooperative (PELCO II).
Meralco is the largest distribution utility in the country, with most of its operations based in Luzon.
Meanwhile, Comstech is an IT company, led by IT specialist and Pampanga-based Dennis Uy. (PNA)