Meralco unit to invest P16B in SPNEC

Manila Electric Co. (Meralco) subsidiary MGen Renewable Energy Inc. (MGreen) will invest P15.9 billion in SP New Energy Corp. (SPNEC) by subscribing to 15.7 billion common shares and 19.4 billion redeemable preferred voting shares .

Upon closing, Meralco will own 31.4 percent of SPNEC’s common shares based on the latter’s 34.37 billion existing common shares as well as a 50.5 percent voting interest including the redeemable preferred shares.