Infrastructure conglomerate Metro Pacific Investments Corp. said Friday it expects to proceed with voluntary delisting from the Philippine Stock Exchange after securing more than 18 percent of outstanding shares held by minority investors in its tender offer.
The consortium conducting the tender offer to take the company private reported that 5.36 billion MPIC shares held by minority were tendered as of Sept 7.
This was equivalent to 18.7 percent of MPIC’s total issued and outstanding listed shares. Together with the excluded shares and the non-public shares, they totaled 96.87 percent of MPIC’s total issued and outstanding listed shares.
MPIC said that once the tendered shares were accepted and crossed, its public float would fall below the 10-percent required threshold, which would pave the way for the company’s voluntary delisting.
MPIC also said it would extend the tender offer period until Sept. 19 to give other minority investors who missed the Sept. 7 deadline more time to make a decision.
The new crossing and settlement dates are Sept. 26 and Sept. 28, respectively.
The consortium, consisting of Metro Pacific Holdings Inc., GT Capital, Mit-Pacific Infrastructure Holdings Inc. and MIG Holdings, offered to acquire all MPIC shares held by the minority investors at P5.20 per share.
MPIC is a leading infrastructure holding company with 47.5-percent stake in Manila Electric Co. and controlling shares in Metro Pacific Tollways Corp. and Maynilad Water Services Inc.
Prior to the tender offer, MPIC had two major shareholders, Hong Kong-based First Pacific Co Ltd. and GT Capital.
State pension fund Government Service Insurance System earlier said it owns 11.98-percent interest in MPIC after buying shares from the market.
GSIS said it intends to remain a shareholder in the company even after its planned voluntary delisting.
The share price of MPIC rose 3.4 percent Friday to close at P5.16.
