MANILA Electric Co. (Meralco) announced on Tuesday the creation of its new subsidiary Movem Electric, Inc.
In a stock exchange disclosure, Meralco said it has received the documents from the Securities and Exchange Commission (SEC) incorporating its subsidiary, which will focus on transport service networks utilizing electric energy and other alternative energy sources.
“The incorporation of Movem Electric, Inc. is in line with Meralco’s plans to be a major player in the growing electric vehicle industry,” Meralco said in a statement issued via Viber.
The power utility giant said its new subsidiary will also focus on the development and deployment of different electric transport solutions.
Meralco said in its regulatory filing that Movem Electric will also own, create, develop, manufacture, produce, operate, install, license and sell service networks utilizing electric energy and other alternative energy sources, and their component charging stations both for local and foreign markets.
Meanwhile, Meralco clarified that its other subsidiary eSakay, Inc., will focus on public transportation service.
“Meralco is committed to enable and support the country’s transition towards a cleaner and a more sustainable transport system,” it said.
At the local bourse on Tuesday, shares in the company gained P8.40 or 2.82% to close at P306.40 apiece.
Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose