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MANILA, Philippines – Manuel V. Pangilinan-led Metro Pacific Investments Corp (MPIC) has moved to unload its non-core property assets such as its stake in newly listed Rockwell Land Corp.
MPIC, through unit Beacon Asset Holdings Inc, sold 1.52 billion shares equivalent to about 25% of Rockwell to the Lopez group’s First Philippine Holdings Corp and pension fund for P2.01 each or a total of P3 billion. The shares were sold at a 38% discount to Rockwell’s closing price of P3.25 per share in the market on Wednesday.
The deal gives the Lopezes control of Rockwell, increasing their stake in the property firm to 76% from about 51%.
Pangilinan earlier said they were selling Rockwell so they could focus on core businesses in tollroads, water and power utilities, and hospitals. “We’re not into property,” he said in May.
MPIC got its Rockwell stake when Manila Electric Co declared property dividends to its shareholders, including Beacon.
Rockwell, which recently listed on the Philippine Stock Exchange by way of introduction, has a mixed-use community in Makati and an office development in Ortigas.
MPIC owns Metro Pacific Tollways Corp, which holds the North Luzon Expressway concession; water distributor Maynilad Water Services Inc; power distributor Meralco; and several hospitals, including Makati Medical Center. MPIC still holds a small stake in another property company, Landco Pacific Corp. – Rappler.com
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