Metro Pacific defers shareholders' vote on voluntary delisting


Posted at Jun 01 2023 09:21 AM

MANILA — Metro Pacific Investment Corp said on Thursday it accepted the bidders request to defer the shareholder vote of approval for the voluntary delisting of the company from the Philippine Stock Exchange.

The bidders consist of Metro Pacific Holdings, MIG Holdings Inc, GT Capital Holdings Inc and Mit-Pacific Infrastructure Holdings Corp.

The bidders said that they have commissioned the preparation of a Fairness Opinion and Valuation report for the Tender Offer, initially intended to be available before the annual shareholders' meeting on June 6, MPIC told the stock exchange. 

"Unfortunately, the Report has not been finalized and the Bidders will not be able to provide a copy of the same to the Company before the ASM. In view thereof, the Bidders requested the Company to defer the shareholders’ vote to approve the voluntary delisting of the Company from the PSE," the company said.

MPIC said it would request for a Special Shareholders' Meeting at a later date when the report has been finalized.

Deferring the shareholder approval will give them ample time to prepare the report ahead of the Special Shareholders' Meeting and "provide shareholders an opportunity to study the same and better appreciate the basis for the Tender Offer Price and the proposed Voluntary Delisting," it said.

"After considering the reasons stated in the letter, the Company resolved to accept the Bidders’ request to defer the shareholders’ vote to approve the Voluntary Delisting of the Company from the PSE to a later date to be announced," it added.