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MANILA - Metro Pacific Investments Corp on Tuesday filed for a voluntary suspension of trading of its shares as it moves ahead with its plan to delist from the Philippine Stock Exchange.

MPIC on Tuesday said its Board of Directors has “unanimously approved a resolution authorizing the filing of an application for voluntary delisting with the PSE.”

The Manny Pangilinan-led conglomerate said its board approved the move after receiving an updated bid from a consortium consisting of Metro Pacific Holdings Inc, GT Capital Holdings Inc, Mit-Pacific Infrastructure Holdings, Inc, and MIG Holdings Incorporated.

While MPIC last traded at P4.77 per share on July 3, the consortium is offering a "best and final" price of P5.20 per share. GT Capital, one of the members of the consortium, said this represents a 37 percent premium over the stock’s one-year volume-weighted average price of PP3.80.

The bidders will spend up to approximately P54.8 billion for the remaining shares held by the minority shareholders of MPIC, valuing the company at P149.2 billion, GT said.

MPIC said it will hold a Special Stockholders’ Meeting on August 8 with a record date of July 18 for shareholders to approve the voluntary delisting of MPIC from the PSE.

“Assuming the shareholders approve the resolution to delist MPIC from the PSE during the SSM, the Bidders will launch the Tender Offer immediately thereafter,” MPIC said.

After this, MPIC said ownership of the company will fall below the prescribed minimum public float for a listed firm.

MPIC announced its plan to delist last April saying its share price has not been matching the value of the company, and that going private would be better for the firm.

Mike Enriquez, president of Sunlife Financial Management, also noted that has been trading below book value for some time now.

"The book value we estimate is around P6, (net asset value) is closer to about P9, so I think it’s a question of if we think the share price is really way above P6, why is it not trading at that level?"

"So clearly, there’s something missing on this and it has been trading way below book for the longest time, and I don’t know for some reason, but if investors will really think that there’s value to MPIC, then share price should have gone up to closer to what they feel is closer to book value," he said.

Enriquez noted that the P5.20 final price is an improvement from the original offer.

"So I think that should be good news for Metro Pacific, however, for the broader market, again, it’s another stock that is taken out of, reducing liquidity in the overall market."

Some of MPIC’s businesses include Meralco, Metro Pacific Tollways Corp, Maynilad Water Services, and 20 percent of Metro Pacific Health Corp.

- With a report from Michelle Ong, ABS-CBN News

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