MPIC ‘task force’ to review water, road deals

Infrastructure holding firm Metro Pacific Investments Corp. has created a task force to review potential new investments in the water and toll road businesses here and abroad.

In a disclosure to the Philippine Stock Exchange on Friday, MPIC, which is chaired by businessman Manuel V. Pangilinan, said the company’s board approved the creation of a “special committee” to identify and determine further infrastructure investments in the water and toll roads business, whether in the Philippines or elsewhere.

The committee will also help determine whether or not to proceed with the water or toll road investments that it identifies, as well as to implement all aspects of these deals.

Finally, the committee will also have the power to approve the structure, vehicle and final terms and conditions of the water or road investments, “each as consistent with the parameters presented to the board and under such terms and conditions as the special committee, acting as a body, may deem proper,” the company told the bourse.

This special committee was also vested with further authority to name and designate the authorized MPIC representatives to negotiate and enter into agreements with the proper parties and to sign, execute and deliver the relevant offers, term sheet and any other definitive agreements, as well as any and all contracts, agreements and other documents.

The committee is composed of five members, one of whom shall be the chairman (Pangilinan) and at least one whom shall be an independent director.

All members of the special committee shall come from the firm’s board of directors.