Infrastructure conglomerate Metro Pacific Investments Corp. is delisting from the Philippine Stock Exchange after a group of investors offered to buy out the shares held by minority investors.
Hong Kong-based First Pacific Co. Ltd., the parent company of MPIC, said in disclosure to the Hong Kong Stock Exchange a consortium of bidders including local affiliate Metro Pacific Holdings Inc., Mit-Pacific and GT Capital Holdings Inc. would launch a tender offer to acquire the MPIC shares owned by the public at P4.63 apiece.
Mit-Pacific is a joint venture of Japan’s Mitsui and JOIN which is a Japanese government-private sponsored infrastructure investment fund, while MIG is private company owned by MPIC chairman Manuel Pangilinan.
The offer price represents a 22-percent premium over the 12-month volume-weighted average trading price of MPIC.
First Pacific said the tender offer would allow minority shareholders to sell their shares at a premium and enable MPIC to bring in a strategic partner, Mitsui to create potential growth and expansion opportunities for the group through operational expertise in various sectors.
“Mitsui’s leading capabilities and expertise in the global infrastructure business will further contribute to solidifying MPIC’s unparalleled offerings and position in the Philippines,” First Pacific said.
