MPIC raises P6.2B for projects
Pangilinan-led Metro Pacific Investments Corp. (MPIC) has raised P6.2 billion through the issuance of new shares via equity placement, as it pursues government public-private partnership (PPP) projects in various industries.
“We are beginning to see momentum in the government’s PPP initiative,” company chairman Manuel V. Pangilinan said in a statement.
“Bidding processes, including prequalification requirements, are already running for the LRT (Light Rail Transit) 1 and Cebu-Mactan airport, and we believe the government will soon commence the bidding for the Cala (Cavite-Laguna) Expressway,” he said.
He said MPIC was “well-placed” to participate in all three multibillion-peso projects and other infrastructure contracts that the Aquino administration planned to bid out.
This follows statements by Pangilinan earlier this week saying the company expected higher profits in 2013, boosted by good economic conditions benefiting MPIC’s various operations.
MPIC said 1.33 billion shares, managed by CLSA Ltd and UBS AG, will be sold to institutional investors.
“The placement was conducted overnight and garnered strong interest from institutional investors in Asia especially within the Philippines, as well as in Europe and the United States,” MPIC said in a statement.
At P4.60 each, the shares were sold at a discount of 2.86 percent to MPIC’s 30-day weighted average as of Jan. 22.
MPIC’s major shareholder, Metro Pacific Holdings Inc. (MPHI), did not subscribe to the placement. Consequently MPHI’s economic interest in MPIC was reduced from 58.97 percent to 55.95 percent.
“MPIC, a leading infrastructure investment management and holding company in the Philippines, will invest the proceeds of the share placement primarily in its water, roads and hospitals businesses as well as in supporting bids for new business areas such as light rail and airports,” MPIC said.