Metro Manila (CNN Philippines, April 27) — Tycoon Manuel V. Pangilinan is taking Metro Pacific Investments Corp. (MPIC) private, with the group’s stock to be delisted from the Philippine Stock Exchange.
This comes as MPIC received a tender offer from a consortium consisting of Metro Pacific, GT Capital, Mit-Pacific and MIG Holdings, set at ₱4.63 per common share.Mit-Pacific Infrastructure Holdings Corporation (“Mit-Pacific”) is a joint venture of Mitsui and Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development.In a disclosure, the conglomerate said its board of directors “unanimously approved” the plan to file an application for voluntary delisting with the local bourse.Members of the consortium said the offer would allow existing minority shareholders “to realize a significant premium over historical share prices of MPIC.”“At the same time, a delisted MPIC will be better aligned with the objectives of the bidders to continue investing in long-term infrastructure projects supporting sustainable economic growth in the Philippines,” the consortium said in a separate disclosure filed by GT Capita.MPIC could push through with this if the plan secures the nod of at least two-thirds of the entire membership of the board of directors, as well as its total outstanding and listed shares, with not more than 10% of them voting against it.Following its delisting, MPIC said it would continue its operations and investments in the Philippines and other markets in Southeast Asia.The infrastructure giant has cemented its footprints in the power, tollways, water, and health sectors.
