- Current Price:
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- Day's Range:
- 336.00 - 345.20
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- Last Update Date:
- 2018-06-19 01:28:50
Manila Electric Company (MER) is a private distribution utility organized on May 7, 1919 which holds a congressional franchise under Republic Act (RA) No. 9209 effective June 28, 2003. RA 9209 granted MER a 25-year franchise valid through June 28, 2028 to construct, operate, and maintain the electric distribution system in the cities and municipalities of Bulacan, Cavite, Metro Manila, and Rizal and certain cities, municipalities, and barangays in the provinces of Batangas, Laguna, Pampanga, and Quezon.
The principal business of MER is the distribution and sale of electric energy through its distribution network facilities in its franchise area. The Company's market is categorized into four sectors such as residential, commercial, industrial, and streetlights. MER sources the electricity it distributes from 11 power suppliers including the Philippine Electricity Market Corporation and National Power Corporation. The franchise area of MER over specified areas in Luzon is approximately 9,337 square kilometers, covering 36 cities and 76 municipalities. This includes Metro Manila, industrial estates, and suburban and urban areas of the adjacent provinces.
The Company's subsidiaries are Meralco Industrial Engineering Services Corporation; Corporate Information Solutions, Inc.; Meralco Energy, Inc.; e-Meralco Ventures, Inc.; Meralco Financial Services Corporation; MRAIL, Inc.; Clark Electric Distribution Corporation; Republic Surety and Insurance Company, Inc.; Lighthouse Overseas Insurance Company, Limited; Meralco PowerGen Corporation; and Comstech Integration Alliance, Inc.
On January 7, 2016, MER signed a joint venture agreement (JVA) and shareholders' agreement (SHA) with Repower Energy Development Corporation (REDC). Under the JVA, MER and REDC shall put up a joint venture company through which the Company and REDC will jointly pursue and undertake the development of various hydroelectric Power projects; while under the SHA, the Company shall have equity stake equivalent to 49% of the authorized capital stock of the proposed joint venture company.
Source: SEC Form 17-A (2015)/Disc. No. 77-2016