METRO PACIFIC CONSIDERS DELISTING FROM THE BOURSE

The infrastructure conglomerate behind some of country’s biggest utilities such as Manila Electric Co. (Meralco) and Maynilad Water Services Inc. said on Friday it was considering going private amid speculation that sent its share price surging as much as 20 percent since the start of the year.

Metro Pacific Investments Corp. (MPIC), led by tycoon Manuel Pangilinan, said it was open to a voluntary delisting its shares from Philippine Stock Exchange, an exercise that would involve the buyout of stockholders.

“MPIC discusses several options available to it for the benefit of the company and its stakeholders, and among the options considered is the delisting of MPIC’s shares,” said the infrastructure giant that is owned by Indonesia’s Salim family and the Ty family’s GT Capital Holdings.

The company was responding to an article published by the news website Bilyonaryo.

“While delisting as an option is being discussed, no final decision has been made. Furthermore, as stated in our disclosure dated January 12, 2023, MPIC has not entered into any definitive agreement relating to the acquisition of its shares by an investor,” it added.

April Lynn Tan, chief equity strategist at stockbrokerage house COL Financial Group Inc., earlier said privatization rumors at Metro Pacific were partly fueled by the company “cheap” share price.

This was despite the efforts by the company to boost value through buybacks.

“[The] stock is super cheap, trading below the value of [Meralco] shares that it owns,” she said on Twitter.