Manila Electric falls to one-week low after stake sale

Published: 05 Nov 2009 19:18:54 PST

MANILA, Nov 6 - Shares of Manila Electric Co (Meralco) PS> fell to a one-week low on Friday after First Philippine Holdings forged a $471 million deal to sell a 6.7 percent stake in the Philippine power retailer.

On Thursday, First Holdings said it would sell a 6.7 percent stake in Meralco to Metro Pacific Investments Co at 300 pesos per share, boosting the control of the PLDT group on the utility. [ID:nMAN304602]

Metro Pacific was down 4.76 percent at 0315 GMT as the main index <.PSI> fell 0.39 percent.

First Holdings paired some of its early losses to reach 56.00 pesos by midday, down 3.45 percent.