HENRY SY JR., the eldest son and namesake of the country?s wealthiest man, plans to take over holding firm UEM Development Philippines which he intends to use as his publicly listed platform for big-ticket investments in infrastructure and public utilities.

In a statement, Sy said he had entered into a binding deal with five UEM shareholder groups to acquire 22.5 million common shares for P65 million, representing about 45.5 percent of the little-traded holding firm. The group of businessman Luis Virata was reportedly the seller of the said shares.

But Sy expects to acquire more UEM shares after a tender offer to all other shareholders, which starts on Sept. 6 and ends on Oct. 5 this year. With a total outstanding shares of 49.46 million, the total acquisition cost of the listed entity could reach about P146 million, he said in the statement.

The deal was valued at P3 per share or a 20-percent premium over the price at which UEM shares were last traded on Jan. 28, 2008 at P2.50 per share.

Sy, who has invested in infrastructure outside of his family?s core businesses, is the president and chief executive officer of National Grid Corp. of the Philippines (NGCP). In March 2010, his company, One Taipan Holdings, acquired a 30-percent interest in the Philippines ?national transmission network for $350 million.

Analysts said the UEM might eventually be used as a backdoor listing vehicle for Sy?s NGCP investment. But Sy said there was no plan on that yet. ?We will disclose when we have definite a plan,? he said in a text message.

Sy is interested to participate in the public-private sector partnership being promoted by President Benigno Simeon Aquino III in building much needed infrastructure facilities in the country.

?We believe that there are several big- ticket infrastructure investments in the very near term given the new government?s initiative to partner with private entities. We would like to participate in a number of these privatization and infrastructure projects,? Sy said.

Since the buy-in deal in UEM was finalized, Sy has committed to make an offer to buy the stakes of other shareholders in compliance with the Securities Regulation Code. This tender offer can pave the way for Sy?s takeover of the majority control of the company.

Under the securities law, a group acquiring 35 percent or more of a publicly listed company must offer to buy out all other shareholders at the same price.

UEM is an investment holding company incorporated in 1970 and listed on the stock exchange in May 1972.