The state-run pension fund Government Service Insurance System (GSIS), which has been in a well-publicized boardroom dispute at power retailer Manila Electric Co. (Meralco), is selling its 27-percent shareholding in Meralco to the beverage and good conglomerate San Miguel Corp. for P90 a share—more than double the Meralco closing price of P44.50 on Monday.[Source:Inquirer.Net]
But why would San Miguel pay an amount that is 100% higher than the market rate? This is rather odd.
There may be a wicked political and financial motivations behind this. There is a great chance that some powers-that-be made money from this deal. Moreover, Danding is such as a smart guy and he will not accept this this deal without expecting something in return.
Ok, GSIS could have made a hefty amount of income from this deal. However, will the ordinary GSIS members benefit from this deal, too?
By the way, I remember blogging about how Meralco Customer Service sucks some years ago. I must admit, they have improved a lot on that department now. Try calling or sending SMS to 0917-8476908 if you have any Meralco service problems.