MANILA -- Metro Pacific Investments Corporation (MPIC) has formally filed an application to delist from the Philippine Stock Exchange (PSE).

In a letter to the state bourse, the Manny Pangilinan-led company said they want their common shares with a par value of P1 per share to be delisted by October 9.

MPIC said that during its August 8 Special Shareholders’ Meeting, more than 77 percent of shareholders with outstanding common shares approved the proposal to voluntarily delist from the PSE’s Main Board.

• MPIC shareholders approve delisting

MPIC earlier 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.

The consortium offered a "best and final" price of P5.20 per share. MPIC closed at P4.97 per share at the end of Tuesday’s trading.

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.

• MPIC moves ahead with plan to delist, seeks trading suspension

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