MVP-led tollways unit a step away from delisting
MANILA, Philippines - Diversified conglomerate Metro Pacific Investments Corp (MPIC) slightly increased its stake in the country's biggest road developer to 99.88% as part of moves to delist Metro Pacific Tollways Corp (MPTC) from the local stock exchange.
On Friday, December 7, MPIC, the business group led by businessman Manuel V. Pangilinan, announced it acquired only 0.02% of its tollway unit’s common shares held by the public after a tender offer that ended on November 28.
About 1.302 million common shares were tendered by MPTC public shareholders, MPTC told the exchange. These were crossed at P6.50 per share on December 6, and will be paid by cash by MPIC on December 11.
This tender offer was conducted to comply with the requirements and conditions set for the voluntary delisting of MPTC from the Philippine Stock Exchange (PSE).
The local bourse is enforcing its requirement that listed firms must have at least 10% public float by end-2012. This is part of reforms meant to expand the capital market and improve transparency among listed firms.
Before the tender offer, MPTC's public ownership was only at 0.15%. Its board approved the tollway firm's voluntary delisting on October 15.
MPTC's 800 lane-kilometers road portfolio includes the North Luzon Expressway (NLEx) and the Subic-Clark-Tarlac Expressway (SCTEx), the country's longest highway t 93.77 kilometers. - Rappler.com