James Go sells down Meralco stake
JG Summit Holdings Inc. chairman James L. Go raised P124.3 million from the sale of more than two-thirds of his stake in Manila Electric Corp. (Meralco).
Documents filed with the stock exchange showed Go, a director of Meralco, divested a total of 320,840 shares in the country’s largest power distributor from Nov. 26-29 and Dec.3 at prices ranging from P386 to P389.23 each share.
He is now left with 174,460 shares following the sale transactions.
JG Summit first acquired ownership in Meralco after buying San Miguel Corp.’s stake in the power utility firm in 2013. This marked the Gokongwei family’s entry into the lucrative power sector.
Meralco closed unchanged at P388 each share Tuesday.