Metro Pacific delisting still on
Prior to the tender offer, MPIC had two major shareholders, First Pacific affiliate MPHI at 46.1 percent and GT Capital at 17.1 percent, followed by investment funds and retail investors
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Prior to the tender offer, MPIC had two major shareholders, First Pacific affiliate MPHI at 46.1 percent and GT Capital at 17.1 percent, followed by investment funds and retail investors
After some tense moments as state fund Government Service Insurance System accumulated shares, resulting in a 12 percent stake in the Manuel V. Pangilinan flagship Metro Pacific Investments Corp., or MPIC, the company's plan to turn private is pushing through.
The market speculated that the GSIS move targeted blocking the MPIC delisting, but it turned out that the state firm was merely out to maximize gains from the tender offer.
MPIC is a leading infrastructure holding company owning 47.5 percent of Manila Electric Company, the biggest electricity distributor in the Philippines and one of the country's largest electricity producers; 99.9 percent of Metro Pacific Tollways Corp., the largest toll road developer and operator in the Philippines; 20 percent of Metro Pacific Hospitals Holdings Inc., the largest private hospital operator in the Philippines; 52.8 percent of Maynilad Water Services Inc., the largest water and sewerage provider in the Philippines by population coverage; and other assets.
Prior to the tender offer, MPIC had two major shareholders — First Pacific affiliate MPHI at 46.1 percent and GT Capital at 17.1 percent, followed by investment funds and retail investors.
Threshold breached
Thus, MPIC got the necessary number, or more than 95 percent of shareholders selling their stake as required in the Securities Code for voluntary delisting.
The tender offer period was extended to 19 September to give shareholders, likely including GSIS, a chance to sell their shares.
The market speculates that Enrique K. Razon's resort firm Bloomberry will replace MPIC in the blue-chip index.
In a market report, MPIC said First Pacific Company Limited, through its affiliate Metro Pacific Holdings Inc., GT Capital Holdings Inc, a consortium including Mitsui & Co. Ltd., and MIG Holdings Inc., announced that based on the report as of 7 September from the tender offer agent, a total of 5,364,783,661 MPIC common shares have been tendered equivalent to 18.7 percent of its total issued and outstanding listed shares.
Together with the shareholding of the bidders, qualifying shares of members of the MPIC board of directors and other non-public claims, the offered shares are equivalent to 96.87 percent of MPIC's total issued and outstanding listed shares.
"When the tendered shares are accepted and crossed, the bidders expect MPIC's public float to fall below 10 percent and will pave the way for MPIC's voluntary delisting, subject to the approval and requirements of the PSE," according to the conglomerate.
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