Infrastructure conglomerate Metro Pacific Investments Corp. (MPIC) said Wednesday it expects to be delisted from the Philippine Stock Exchange in October 2023.
It said 5.46 billion MPIC common shares, or equivalent to 19.04 percent of the company’s total issued and outstanding listed shares owned by the minority investors, were tendered by the end of the offer period Tuesday.
MPIC said together with the excluded and the non-public shares, the total would reach 97.22 percent of the company’s total issued and outstanding listed shares.
MPIC’s public float’s is expected to drop to 2.78 percent, below the 10 percent required for listed companies. This will pave the way for MPIC’s voluntary delisting, in accordance with the procedures of the local bourse.
MPIC earlier extended the tender offer to allow more investors to participate in the offer.
A consortium composed of Metro Pacific Holdings Inc., MIG Holdings Inc., GT Capital Holdings Inc. and Mit-Pacific Infrastructure Holdings Corp. offered to acquire all outstanding MPIC common shares other than those they already own at P5.20 apiece.