MVP-led Metro Pacific Investments Corp. is embarking on a P48.6-billion tender offer to minority shareholders in line with plans to bring the company back to private hands. READ:
Shares of the company have gained over 12 percent days before the disclosure. These touched a recent high of P4.62 recorded last Feb. 14 as rumors of delisting spread given the company’s “cheap” stock market valuation.
It explained that the delisting of MPIC will also “simplify compliance with listing and disclosure requirements.” Metro Pacific’s portfolio includes electricity distribution giant Manila Electric Co., water concessionaire Maynilad Water Services Inc., toll roads such as the North Luzon Expressway and Subic Clark Tarlac Expressway, the Light Rail Transit Line 1 and a chain of private hospitals, including Makati Medical Center and Asian Hospital and Medical Center.The tender offer parties are Metro Pacific Holdings Inc., owner of 46.1 percent of MPIC; GT Capital Holdings Inc., owner of 17.
The Mitsui venture alone is seeking 20 percent of Metro Pacific while Pangilinan’s company will get a 10- percent stake.
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