Infrastructure conglomerate Metro Pacific Investments Corp. is delisting from the Philippine Stock Exchange after a group of investors offered to buy out the shares held by minority investors.
Hong Kong-based First Pacific Co. Ltd., the parent company of MPIC, said in disclosure to the Hong Kong Stock Exchange a consortium of bidders including local affiliate Metro Pacific Holdings Inc., Mit-Pacific and GT Capital Holdings Inc. would launch a tender offer to acquire the MPIC shares owned by the public at P4.63 apiece.
Mit-Pacific is a joint venture of Japan’s Mitsui and JOIN which is a Japanese government-private sponsored infrastructure investment fund, while MIG is private company owned by MPIC chairman Manuel Pangilinan. The offer price represents a 22-percent premium over the 12-month volume-weighted average trading price of MPIC.
First Pacific said the tender offer would allow minority shareholders to sell their shares at a premium and enable MPIC to bring in a strategic partner, Mitsui to create potential growth and expansion opportunities for the group through operational expertise in various sectors.“Mitsui’s leading capabilities and expertise in the global infrastructure business will further contribute to solidifying MPIC’s unparalleled offerings and position in the Philippines,” First Pacific said.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Cebu Pacific elevates passenger experience at NAIA T3 | BusinessMirrorCebu Pacific said it has enhanced customer service at the Ninoy Aquino International Airport Terminal 3 (NAIA T3) by allowing passengers who accomplished online check-in to enter through a dedicated gate, among other features that will ease travel experience. From the first entrance at the NAIA T3 Departures (Online Check-In…
Read more »
Cebu Pacific rolls out P199 promo fareBudget carrier Cebu Pacific on Wednesday announced P199 promotional one-way base fares, covering domestic flights from May to September.
Read more »
Cebu Pacific drops fares to as low as P199 until April 30It’s a good time to satisfy your summer wanderlust!
Read more »
Metro Manila Covid-19 positivity rate further rises to 10.6% — OCTAThe number of people testing positive for COVID-19 in Metro Manila continues to rise, based on the higher positivity rate recorded by the OCTA Research this past week. | ManilaBulletin READ:
Read more »
Pagasa: Heat indices of 37-40°C to hit Metro Manila, Occidental Mindoro, parts of VisayasMANILA, Philippines — Heat indices in Metro Manila, San Jose in Occidental Mindoro, and parts of Visayas may hit 40°C on Wednesday according to the Philippine Atmospheric, Geophysical and
Read more »
DOH: Metro Manila records steepest rise in Covid cases | Claudeth Mocon-CiriacoCovid-19 cases in all regions in the country are on an uptrend with the National Capital Region (NCR) exhibiting the steepest increase, the Department of Health (DOH) reported. The DOH also said ICU admissions and severe/critical admissions are plateauing as cases remain on a slow upward trend. Health officer-in-charge Maria…
Read more »