In a disclosure made today, First Philippine Holdings Corporation (First Holdings) announced that it has executed an Option Agreement with Rightlight Holdings Inc. (RHI) over First Holdings' 74,700,000 common shares (The Option Shares) or 6.6 percent of the total outstanding common shares in Manila Electric Company (Meralco). The Option Shares will be exercisable at the option of RHI from March 15 to May 15, 2010.  The exercise price shall be Php300 per Option Share or an aggregate exercise price of Php22.41 billion.  

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