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| First Philippine Holdings Corporation clarifies report on sale of Meralco shares |
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IN a clarification made to the Philippine Stock Exchange (PSE), VP Rodolfo Waga Jr. said the statements attributed to First Philippine Holdings Corporation (FPHC) president Elpidio L. Ibañez published in the Jan. 14, 2010 edition of BusinessWorld Online were only hypothetical. The journal quoted Ibañez as saying that FPHC was “open to selling a 1.7% stake, but would keep a minimum 5%, which should be good for one board seat” in Meralco. The proceeds from the sale would reportedly go towards paring down the company’s debt and participating in First Gen’s stock rights offering. While FPHC is “open to a possible sale of a 1.7% stake in Meralco,” the company president’s statement was “expressed in hypothetical terms in response to a question,” Waga said. Further, the VP said, FPHC currently has “enough cash for participating in the stock rights offering of First Gen without having to unload additional shares in the distribution utility.” First Gen undertook a rights offering from Jan. 8-14, 2010.
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