MGreen’s IPO being evaluated: Meralco

Assets may be injected into SPNEC.

Manila Electric Company (Meralco) said its wholly owned subsidiary Meralco Powergen Corporation (MGEN) is currently evaluating the possible conduct of an initial public offering (IPO) of MGEN Renewable Energy, Inc. (MGreen).

In a bourse filing, Meralco said this may include the possibility of injecting assets into SP New Energy Corporation (SPNEC), where MGreen has interests.

“As part of this review, the MGEN Board has approved the engagement of professional advisors to assist in assessing the feasibility and structure of such a transaction,” Meralco said.

Given current developments, the company said there is still no material impact on SPNEC’s business or operations to disclose.