MANILA — Metro Pacific Investment Corp said on Thursday its board approved the filing of an application for voluntary delisting with the Philippine Stock Exchange.
This, following a tender offer notice from a consortium consisting of Metro Pacific Holdings Inc, GT Capital Holdings Inc, Mit-Pacific Infrastructure Holdings Inc and MIG Holdings Inc, the company said in a disclosure to the stock exchange.
The notice stated that "that they intend to make a tender offer for common shares of MPIC, with a view to taking MPIC private through a voluntary delisting process."
Based on the notice, bidders offered to acquire the tender offer shares at P4.63 per common share.
MPIC said the delisting is subject the compliance with the rules of the PSE.
"Upon the successful delisting, MPIC intends to continue its business as currently conducted, particularly of owning and managing its portfolio of investments, as well as investing in other sectors of the economy, in the Philippines and other parts of South East Asia.
MPIC also requested for a voluntary trading suspension on Thursday. Its May annual stockholders' meeting was also moved to June 6.