The consortium of First Pacific Company Ltd., GT Capital Holdings Inc., Mitsui & Co. Ltd. and a management investment group in Metro Pacific Investments Corp. (MPIC) now has a combined 97.22 percent of the company, enough to smoothly transition it into a private entity.
The consortium said around 5.46 billion common shares were tendered, equivalent to 19.04 percent of MPIC’s total issued and outstanding listed shares.
“Considering these results, when the tendered shares are accepted and crossed, the bidders expect MPIC’s public float to fall below 10 percent and pave the way for MPIC’s voluntary delisting, in accordance with voluntary delisting procedures of the Philippine Stock Exchange (PSE),” the consortium said in a statement.
A significant holder, the Government Service Insurance System (GSIS), held on to its shares and even raised its stake to 11.92 percent but is supportive of the consortium’s delisting plans.
The consortium offered to buy the publicly-owned shares at P5.20 apiece, upping the offer from an earlier price of P4.63, offered on April 26, 2023. The tender offer was extended by eight working days to 19 September.
The consortium said the shares it acquired will be crossed in the PSE by September 26 with settlement set for September 28.
Manuel Pangilinan, MPIC chairman, said GSIS will be entitled to a seat once the company is delisted.
Speaking at the sidelines of Mining Philippines International Conference and Exhibition, Pangilinan said the company’s focus now will be to list its major operating units starting with Metro Pacific Tollways Corp., by next year. Maynilad Water Services Inc. is eyed for listing by 2026.
