The Philippine Stock Exchange (PSE) said Tuesday it approved the delisting of infrastructure conglomerate Metro Pacific Investments Corp. (MPIC).
The PSE said in an advisory it ordered the delisting of MPIC’s shares from the official registry of the exchange effective Oct. 9.
Shares of MPIC were suspended after its public float fell below the 10-percent required minimum level for listed firms.
MPIC completed a P28.4-billion tender offer to acquire remaining shares held by minority investors.
Based on MPIC’s tender offer report, the bidders in the tender offer—First Pacific Company Limited through affiliate Metro Pacific Holdings Inc., GT Capital Holdings Inc., Mitsui & Co. Ltd. and MIG Holdings Inc. of MPIC chairman and president Manuel Pangilinan—acquired 5.464 billion shares at P5.10 apiece.
This is equivalent to 19.04 percent of MPIC’s total issued and outstanding listed shares.
Including the shareholding of the bidders, this was equivalent to 97.22 percent of MPIC’s total issued and outstanding listed shares.
MPIC is the second company to voluntary delist from the local bourse this year. In February, Eagle Cement Corp. was delisted from the exchange after it was fully acquired by San Miguel Equity Investments Inc. of San Miguel Corp.
The PSE also involuntarily delisted two firms—Unioil Resources & Holdings Co. Inc. and PICOP Resources Inc.—over non-filing of reportorial requirements and nonpayment of penalties for disclosure violations.