Former Lopez company renamed Metro Pacific Infrastructure Inc

First Philippine Infrastructure Inc. will be renamed Metro Pacific Infrastructure Inc. after it was acquired by Metro Pacific Investments Corp. from the Lopez family for P12.26 billion.

In a disclosure to the Philippine Stock Exchange, FPIC said its board of directors approved a constitution of a pledge over 29.45 million common shares in First Philippine Infrastructure Development Corp. (FPIDC). The shares are held by FPIC in favor of Banco De Oro Unibank Inc.-Trust and Investments Group as collateral agent for the benefit of the secured parties under and pursuant to the Omnibus notes facility and security agreement dated Nov. 4.

The FPIDC shares have been pledged as security for the issuance by MPI of peso-denominated notes of up to P6.75 billion. 

In connection with the change in corporate name and the pledge of FPIDC shares, the board of directors also approved the setting of a special stockholders meeting on Feb. 12, 2009 for the purpose of ratifying the resolutions relating to the foregoing matters.

Also approved was the declaration of cash dividends amounting to P450 million or P0.09 per share, to FPIC stockholders of record as of Jan. 9, 2009.

Among the newly-elected directors of FPIC are Rodrigo Franco and Christopher Daniel Lizo.

With the acquisition, MPIC will own a 67.1 percent effective interest in Manila North Tollways Corp., the concession holder of the NLEX, and a 46 percent interest in Tollways Management Corp.

MPIC officials believe that the company’s investment in MNTC will strengthen its portfolio of infrastructure assets and provide solid fundamentals for the company in the years ahead.  – Zinnia dela Peña