By CMA/OMG, GMA News

Metro Pacific Investments Corp., the local unit of Hong Kong conglomerate First Pacific Co. Ltd., and PLDT Communications Energy and Ventures Inc. (PCEV) raised their stake in power distributor Manila Electric Co. by acquiring more shares.

In a statement to the Philippine Stock Exchange on Tuesday, MPIC and PCEV said their joint venture - Beacon Electric Asset Holdings Inc. - signed an P11-billion finance facility to pave the way for Beacon to get an additional four percent in Meralco, giving the group a 45-percent voting rights in the utility company.

The facility was jointly arranged by First Metro Investment Corp. and PNB Capital & Investment Corp.

"The acquisition of an additional four percent voting and economic interest in Meralco further cements the group's position in one of the best-run companies in the Philippines," said Jose Ma. K. Lim, MPIC president and chief executive officer.

Meralco has recently announced that its net income for the first quarter rose six percent to P2.1 billion, supported by the "implementation of rate adjustments.