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Power surges

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Meralco ends at year-low as board war rages

I know these are bad puns. But let’s move on.

The Lopez family has retained control of Meralco by holding 5 out of 11 seats on the board with the government holding only 4. The other two are independent members.

Meralco opened 0.50 centavos higher than it’s close of 63 Php the previous day. At 10am trading was suspended by the Philippine Stock Exchange to allow investors time to sort the events from the previous day. Trading resumed at 11 and brought Meralco stocks to it’s lowest in 12 months by almost 5% or by 3 pesos a share. The index closed 22 points down at 2,833.27

Both sides are resorting to the courts for failure to recognize the SEC stoppage of the elections. But if there’s anything constant in Manila is that this could drag out for a while. If the courts get involved, the process could take a year and even then the previous board would still control the company. So does it get anything done?

Will this long process give us lower power rates?


Written by pinoypatrol

May 28, 2008 at 8:42 am

Posted in electricity

Tagged with , , , ,