State pension fund Government Service Insurance System increased its stake in infrastructure conglomerate Metro Pacific Investments Corp. to 11.98 percent
GSIS said in a letter to MPIC it purchased 2.49 billion MPIC shares from the market from Aug. 23 to Sept. 4, 2023. The fund is now the beneficial owner of 3.43 billion MPIC shares, representing about11.98 percent of the total outstanding common shares of the company.
GSIS purchased the MPIC shares when a consortium consisting of Metro Pacific Holdings Inc., GT Capital, Mit-Pacific Infrastructure Holdings Inc. and MIG Holdings, Inc. was conducting a P55-billion tender offer to acquire all shares held by minority investors.
COL Financial research head April Lynn Tan said that with the latest development, the consortium bidders would not attain its target to acquire 95 percent of MPIC. It also reduced the likelihood that the conglomerate would be able to push through with the delisting from the local bourse.
MPIC chairman and chief executive Manuel Pangilinan on Monday expressed hope the consortium would secure enough shares to qualify for delisting.
“The tender period will expire on Sept. 7, so let’s wait. We are hopeful that the amount of shares will translate to qualification for delisting,” Pangilinan said when asked about the update on the tender offer.