Metro Pacific Investors Corp. (MPIC) may have to relist its tollways business by next year at the earliest, and make public its water concession under Maynilad Water Services by either 2026 or 2027, according to its chairman Manuel Pangilinan.
He said the relisting of its tollways business, Metro Pacific Tollways Corporation, is for funding reasons.
The pubic listing of Maynilad, meanwhile, is a requirement of the franchise. Signed in January 2022, the new concession requires the company to publicly list at least 30 percent of its outstanding capital stocks within five years.
These developed as MPIC reported that it garnered 77 percent vote of the company’s shareholders regarding the proposed delisting of the company pending the successful tender of publicly-owned shares.
The company in a regulatory filing said 1 percent of owners voted against the proposal.
The vote in favor of delisting is more than the regulatory threshold of 2/6 of outstanding shares.
“Based on the foregoing, the proposal to delist MPIC’s common shares was approved by the shareholders of the company,” MPIC said.
What’s left for the process is that the tendering group of First Pacific Co. Ltd., GT Capital Holdings Inc., Mitsui & Co. Ltd., and a management investment group to get as much as 95 percent of outstanding shares to effect the delisting without requesting for an exemptive relief from the Philippine Stock Exchange.
The consortium offered to buy the publicly-owned shares at P5.20 apiece, upping the value from an earlier price of P4.63 offered on April 26.
The consortium in June said the improved price represents a premium of 37 percent over the one-year volume weighted average price of P3.80 per share and a premium of 57 centavos over the earlier offer price.
