MANILA, Philippines—Metro Pacific Investments Corp., an infrastructure holding firm led by businessman Manuel V. Pangilinan, has obtained authority from regulators to beef up its capital to P30.05 billion from P24.24 billion.
MPIC disclosed to the Philippine Stock Exchange on Thursday that the Securities and Exchange Commission had approved the increase in its authorized capital stock to P30.05 billion divided into 28.5 billion common shares with a par value of P1 each and 1.5 billion “Class B” preferred shares with a par value of P1 per share.
In connection with such SEC approval, MPIC likewise issued to affiliate Metro Pacific Holdings Inc. (MPHI) a total of 2.03 billion common shares out of the increase in its authorized capital stock.
These shares are issued to MPHI as a result of the conversion by MPHI of the P6.6 billion convertible bonds issued by MPI to the former last year when it was raising funding for the acquisition of additional shares in Manila Electric Co.