Metrobank sold 20% stake in GBP to Meralco PowerGen

Deal completion targeted by end-2013.

According to Maybank Kim Eng, Metrobank (MBT), through its investment arm First Metro Investment Corp, sold a further 20% stake in Global Business Power Corp (GBP) to Meralco Power GenCorp, a wholly-owned subsidiary of Meralco. 

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The parties entered into a share sale and purchase agreement but are still waiting for final documentary requirements to consummate the deal. Completion is expected within 4Q13. As with previous divestments, the latest one will boost MBT's capital base for the upcoming Basel 3 accord.