Infrastructure conglomerate Metro Pacific Investments Corp. said Friday it expects to proceed with voluntary delisting from the Philippine Stock Exchange after securing more than 18 percent of outstanding shares held by minority investors in its tender offer.
MPIC said in a disclosure to the PSE the consortium conducting the tender offer to take the company private reported that 5.36 billion MPIC shares held by minority were tendered as Sept 7.
This was equivalent to 18.7 percent of MPIC’s total issued and outstanding listed shares. Together with the excluded shares and the non-public shares, this totaled 96.87 percent of MPIC’s total issued and outstanding listed shares.
MPIC said that once the tendered shares were accepted and crossed, its public float would fall below the 10-percent required threshold, which would pave the way for the company’s voluntary delisting.
MPIC also said it would extend the tender offer period until Sept. 19 to give other minority investors who missed the Sept. 7 deadline more time to make a decision.
The consortium, consisting of Metro Pacific Holdings Inc., GT Capital, Mit-Pacific Infrastructure Holdings Inc. and MIG Holdings, offered to acquire all MPIC shares held by the minority investors at P5.20 per share.
