MVP & Ty inks Meralco-FMIC partnership
Two moguls — Manuel V. Pangilinan and George Ty — have entered a share sale agreement yesterday, resulting to a partnership between Meralco and First Metro Investment Corporation.
The two powerhouses are no strangers to each other as they have previously teamed up to explore power development possibilities in Mindanao back in January. Back then, there were no signed agreements that formalized the partnership.
Months after that, rumors began to spread about a possible tie-up between Meralco and Ty-led Global Business Power Corporation. However, it was only yesterday that the two tycoons have sealed the deal which, according to Meralco CFO Betty Siy-Yap, involves the purchase of 20% stake in Global Business Power Corporation.