GSIS to get a board seat after buying 12% stake in Metro Pacific

Infrastructure conglomerate Metro Pacific Investments Corp. (MPIC) said Wednesday Government Service Insurance System (GSIS) will get a board seat after

MPIC chairman and president Manuel Pangilinan said in an interview at the sidelines of the Mining Philippines 2023 International Exhibition and Conference GSIS would be entitled to a board seat which would happen after the MPIC’s delisting from the Philippine Stock Exchange.

Meanwhile, MPIC said in disclosure to the stock exchange it would be delisted from the Philippine Stock Exchange in October. MPIC said together with the excluded shares and the non-public shares, this would reach 97.22 percent of MPIC’s total issued and outstanding listed shares. MPIC’s public float is expected to drop to 2.78 percent, below the 10 percent required for listed companies.

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