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Meralco suspended: PSE tells MVP, Gokongwei to give more details on P34.44B reverse takeover

The Philippine Stock Exchange has suspended trading of Manila Electric Co. (Meralco) due to the failure of its major owners, Salim-MVP group and bilyonaryo Lance Gokongwei, , to shed light on its proposed P34.44 billion reverse takeover.

The PSE ruled as insufficient Meralco’s December 23 disclosure on Metro Pacific and JG Summit’s plan to transfer their combined 86 percent stake in Beacon Powergen Holding Inc. (’BEAHI’) to Meralco PowerGen (MGEN).

“The Exchange deems that the foregoing transaction is covered by the rule on disclosure for substantial acquisitions and reverse takeovers, under Section 5, Article VII of the Consolidated Listing and Disclosure Rules of the Exchange,” the PSE said.

Meralco’s shares will be suspended during the resumption of trading after the two-day Christmas break on December 28. Meralco closed at 282.60 on December 23, the last trading day for the week.

The PSE has asked Meralco to disclose more details on the deal before its shares would resume trading.

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