February 1, 2008   MANILA ELECTRIC: Buys 65% of Clark Electric Distribution Corp. The Manila Electric Co. has acquired 65% of Clark Electric  Distribution Corp. through its subsidiary Meralco Industrial  Engineering Services Corp. The company, through dacion en pago, acquired 561,500 common  shares of CEDC with a par/book value of PHP100 per share. Headquartered in Ortigas, Pasig City, the Manila Electric Company -- http://www.meralco.com.ph/ -- is the largest utility              in the Philippines, providing power to 4.1 million customers in Metropolitan Manila and more than 100 surrounding communities.   As deregulation takes effect, Meralco is reducing its dependence on state-owned National Power Corp. by increasing the amount of power it purchases from independent power producers.  Meralco is also preparing for competition by moving into non-regulated activities, including energy consulting, independent power production, engineering, fiber optics, e-commerce, and real estate. The Troubled Company Reporter-Asia Pacific reported on Dec. 14, 2007, that Standard & Poor's Ratings Services revised the outlook on its ratings on Manila Electric Co. (Meralco) to stable from negative. The 'B-' long-term issuer credit rating on Meralco was affirmed.
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