MVP eyes MPTC float by next year

After the voluntary delisting of his infrastructure investment firm Metro Pacific Investments Corp. or MPIC from the local bourse, businessman Manuel V. Pangilinan is now planning to offer the shares of his tollways venture Metro Pacific Tollways Corp. or MPTC to the public by next year.

"After the delisting, we will list our tollways… next year. The Maynilad has got to list by 2026. We will list our major subsidiaries," Pangilinan said in an interview with reporters on the sidelines of the Mining Philippines 2023 International Conference and Exhibition on Wednesday.

MPTC is the operator of the North Luzon Expressway, Subic-Clark-Tarlac Expressway, Cavite-Laguna Expressway, Manila-Cavite Expressway, NLEX Connector, and Cebu-Cordova Link Expressway.

On the other hand, Maynilad, MPIC's joint venture with DMCI Holdings, and Marubeni Corp., serves the west zone of the Greater Metro Manila area, covering 17 cities and municipalities.

Tender offer closed
Relatedly, in a separate disclosure to the stock exchange on Wednesday, MPIC confirmed that the tender offer for its shares is now closed.

The company report stated that the total of tendered shares, excluded shares, and other non-public shares is equivalent to 97.22 percent of MPIC's total issued and outstanding listed shares and has exceeded the threshold required to complete the voluntary delisting.

Once tendered shares are accepted and crossed, MPIC's public float will fall to 2.78 percent. Its total tendered shares, excluded shares, and other non-public shares, on the other hand, will be above the voluntary delisting threshold of at least 95 percent. Thus, bidders can now expect MPIC's delisting around October.

The Cross Date is scheduled for 26 September, while the Settlement Date is scheduled for 28 September.

Commenting on these MPIC developments, Pangilinan said: "It's amazing that the acceptances have been more than 99 percent. What are the implicit messages of that, the times have moved on. My theory is that conglomerates are passe."

Pangilinan noted that companies are now focusing on their ventures that are easier and simpler to analyze with only one product.

"Filipinos have a natural aversion to something big, that is why our stock exchange is too small. And because it's too small it impinges on the issue of liquidity. Investors, even foreign investors, want to go in and be able to get out whenever they want to," he explained.

MPIC currently owns 47.5 percent of Manila Meralco, 99.9 percent of Metro Pacific Tollways Corp., 52.8 percent of Maynilad Water Services Inc., 20 percent of Metro Pacific Health Corp., and other assets.

It is the Philippine arm of Hong Kong-based investment holding firm First Pacific Company Ltd. It has interests in tollways, water distribution and sewerage services, railways, hospitals, power generation, and distribution.