^

Business

Metro Pacific tender offer starts Oct 27

- Zinnia B. Dela Peña -
Newly created investment holding company Metro Pacific Investments Corp. (MPIC) said its planned tender offer to minority shareholders of Metro Pacific Corp. will run from Oct. 27 to Nov. 28, in line with the Metro Pacific group’s reorganization plan.

The tender offer will provide Metro Pacific’s minority shareholders with the option to migrate to the debt-free MPIC.

Based on its offer, MPIC will swap one MPIC share and three warrants for every four Metro Pacific shares tendered.

Each warrant will entitle the shareholder to subscribe to one common share in MPIC at P1 per share.

Assuming that all Metro Pacific minority shareholders avail of the offer by MPIC, the outstanding capital stock of MPIC will increase to 1.21 billion common shares.

Upon completion of the tender offer, MPIC will be listed on the stock exchange by way of introduction while Metro Pacific will cease to be traded on the bourse.

MPIC is 76 percent owned by the First Pacific Group of Hong Kong, the parent company of Metro Pacific.

MPIC was formed to continue the expansion of Metro Pacific’s real estate business and raise new capital for planned investments in infrastructure, power generation and consumer foods businesses.

The group is looking to take over the debt-ridden Maynilad Water Services Inc. in tandem with the Consunji family’s DMCI Holdings Inc. It is also eyeing the power plants and other assets of Mirant Phils. Corp. with an estimated value of $3 billion.

vuukle comment

CONSUNJI

FIRST PACIFIC GROUP OF HONG KONG

HOLDINGS INC

MAYNILAD WATER SERVICES INC

METRO

METRO PACIFIC

METRO PACIFIC CORP

METRO PACIFIC INVESTMENTS CORP

MIRANT PHILS

MPIC

PACIFIC

  • Latest
  • Trending
Latest
Latest
abtest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

Get Updated:

Signup for the News Round now

FORGOT PASSWORD?
SIGN IN
or sign in with