First Pacific raises offer for stake in Philippine’s Metro Pacific to P54.8 billion

July 4, 2023 - 9:12 AM
Logo of Metro Pacific Investments. (

First Pacific 0142.HK on Tuesday raised its offer price to buy a 36.6% stake in Philippine infrastructure firm Metro Pacific Investments Corp (MPIC) MPI.PS, for up to 54.8 billion Philippine pesos ($990.69 million).

The Hong Kong-listed investment holding company increased its offer to 5.20 pesos per share from 4.63 pesos announced in late April.

The latest offer price represents a 22.1% premium to Metro Pacific’s last close on April 25, before the offer was first disclosed.

The deal will see the acquisition of shares from minority public shareholders by a consortium that includes Mit-Pacific Infrastructure Holdings Corporation, a joint venture between Mitsui & Co 8031.T and JOIN, a Japanese government-private sponsored infrastructure investment fund company.

The deal further hinges on the delisting of MPIC’s common shares from the Philippines Stock Exchange.

In a separate release, Metro Pacific said it would submit an application to delist from with Philippines Stock Exchange.

($1 = 55.2900 Philippine pesos)

—Reporting by Jaskiran Singh in Bengaluru; Editing by Rashmi Aich