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By Manolo Serapio Jr. MANILA, Nov 12 (Reuters) - Philippine conglomerate Metro Pacific Investments Corp is open to buying more shares in Manila Electric Co after a $471 million deal that will raise its stake to more than a fifth of the utility, officials said on Thursday. Its parent, Hong Kong's First Pacific Co Ltd, is also keen on building up its shareholding in top Philippine miner, Philex Mining Corp, as the group strengthens its foothold in the local heavy industry and infrastructure sectors. "We do not preclude buying more shares in Meralco (Manila Electric)," Metro Pacific Chairman Manuel Pangilinan told shareholders. Later, Metro Pacific President and Chief Executive Jose Ma. Lim told reporters that while there was an option for the group to buy more Meralco shares, "we do not feel any compulsion to run after large blocks." Metro Pacific and its sister firm Pilipino Telephone Corp (Piltel) now own 34.7 percent of Meralco, the country's biggest power distributor. Last week, Metro Pacific sealed a deal that gives it a call option to buy half of the Lopez group's 13.4 percent stake in Meralco until the end of March 2010 and rights to the remaining 6.7 percent. Acquiring the entire 13.4 percent stake will give the Metro Pacific and Piltel group more than 48 percent stake in Meralco, versus around 47 percent for its rival shareholder group San Miguel Corp and its allies. "We're already firmly in control of Meralco," Lim said. Lim said the company expects 2010 to be another "banner year" with the full-year contribution from Meralco. It earlier reported a 227 percent surge in nine-month net income.) Metro Pacific was also set to sign later on Thursday an agreement to increase its stake in Citra Metro Manila Tollways Corp to between 13 and 14 percent with the purchase of a stake from major shareholder, Indonesia's PT Citra Marga Nusaphala Persada Tbk, Lim said. (Reporting by Manolo Serapio Jr.; Editing by Rosemarie Francisco and Valerie Lee) ((manolo.serapio@thomsonreuters.com; +632 841 8936; Reuters Messaging: manolo.serapio.reuters.com@reuters.net)) Keywords: METROPACIFIC/MERALCO (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.
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