MANILA – Philippine infrastructure conglomerate Metro Pacific Investments Corp said on Thursday its top shareholders will offer to buy out minority stockholders and conduct a voluntary delisting from the Philippine Stock Exchange.
The company did not provide a reason for the move, but its management has long said its shares were undervalued in the domestic bourse.
The tender offer price is P4.63 ($0.08) per share, an 8% premium versus Wednesday’s closing price and a price level last reached three and a half years ago.
“Metro Pacific intends to continue its business as currently conducted, particularly of owning and managing its portfolio of investments, as well as investing in other sectors of the economy, in the Philippines and other parts of Southeast Asia,” the company said in a disclosure.
Metro Pacific, which has interests in power, water, hospitals and toll roads, is a unit of First Pacific Co Ltd, which is owned by Indonesian tycoon, Anthoni Salim. It is valued at $2.2 billion. — Reuters
MPIC, which has a majority stake in Maynilad, is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT Inc.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls.