Written by Miguel R. Camus / Reporter
BusinessMirror
LISTED Metro Pacific Investments Corp. (MPIC) raised an additional P1.86 billion from the recently concluded international share sale, regarded as the largest equity transaction out of the Philippines since 2007.
In a disclosure, MPIC said CLSA Singapore Pte Ltd. and joint bookrunner UBS AG exercised the overallotment option comprising an additional 620 million common shares in MPIC.
“It is evident that the demand for MPIC shares exceeded expectations and the stock continues to trade above the offering price,” said MPIC chief finance officer Andrew G. Shepherd.
Following the completion of the share sale, MPIC—together with its principal shareholder Metro Pacific Holdings Inc. (MPHI)—entered a placement agreement with CLSA last month on the offer and sale of 4.15 billion common shares in MPIC.
The total proceeds of the issue consequently rose to over P14 billion.
Sheperd said as a result of the recent issuance of 9.2 billion common shares to affiliates to fund the purchase of Manila Electric Co. (Meralco) shares, MPIC’s market capitalization will more than double to P69 billion.
As per the overallotment option, MPHI may be required to sell up to an additional 620 million common shares at the offer price of P3 per share.
The international road show, held in Hong Kong, Singapore, Europe and the US, also raised MPIC’s public float to 26 percent from just 2 percent.
”We are delighted by the success of this transaction and the strong aftermarket performance of the shares. It is a sign of confidence in both Metro Pacific and the broader Philippine market,” added MPIC chairman Manuel V. Pangilinan in a statement.
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Click here for MPI PSE disclosure.
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