PLDT Makes Wise Connection With Meralco

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Manila Electric (Meralco) has seen its share price quadruple over the last year as investors anticipate a battle for control over the power retailer to ensue. On March 9 companies associated with Philippine Long Distance Telephone (PLDT), the country's dominant telecommunications firm, announced that they had acquired just over a 10% stake in Meralco. This move allows PLDT to nominate and elect a director to Meralco's board, which will be decided when the annual shareholder meeting is held on May 29. PLDT's associate companies, PLDT Beneficial Trust Fund and holding firm New Gallant, acquired 113.3mn common shares in Meralco between