Morgan Stanley owns 6.5% of Metro Pacific


Posted at Jul 18 2011 06:56 PM | Updated as of Jul 19 2011 02:56 AM

MANILA, Philippines - American investment manager Morgan Stanley has acquired 6.5% of Metro Pacific Investments Corp.

In a filing with the Philippine Stock Exchange, Metro Pacific, a unit of Hong Kong-based First Pacific Co. Ltd., said it received notification from Morgan Stanley about its acquisition of 1.442 billion shares in the local infrastructure firm.

Any group acquiring over 5% of a publicly listed company is required to disclose its investment.

Metro Pacific said Morgan Stanley acquired the shares from the open market, and through a recently concluded private placement.

Early this month, Metro Pacific raised P8.6 billion in fresh funds through the sale of 2.4 billion shares to investors in Asia, Europe, and US. Proceeds would be used to fund the company's toll road businesses in the Philippines.

Metro Pacific, through unit Manila North Tollways Corp., holds the concession for the North Luzon Expressway, and the Subic-Clark-Tarlac Expressway. The company is looking to bid for state contracts involving the development of roads, railways and airports under the government's Public-Private Partnership program.

Aside from infrastructure, Metro Pacific has interests in water utility (Maynilad Water Services Inc.), hospitals (Medical Doctors Inc. and Davao Doctors Hospital Inc., among others), real estate (Metro Pacific Corp.), and power distribution (Manila Electric Co.).