MPIC to publicly list tollways, Maynilad after PSE delisting, says MVP

Pangilinan-led infrastructure conglomerate Metro Pacific Investments Corp. (MPIC) is planning to offer shares of its tollways and water subsidiaries to the investing public after its eventual delisting from the Philippine Stock Exchange (PSE).

“After the delisting, we will list our tollways. The Maynilad has got to be listed by 2026,” MPIC chairman, president, and CEO Manuel V. Pangilinan said at the sidelines of the Mining Philippines 2023 International Conference and Exhibition organized by the Chamber of Mines of the Philippines (COMP) on Wednesday.

Pangilinan said MPIC’s tollways unit will list on the PSE next year.

MPIC’s Metro Pacific Tollways Corp. operates North Luzon Expressway, Subic-Clark-Tarlac Expressway, Cavite-Laguna Expressway, Manila-Cavite Expressway, NLEX Connector, and Cebu-Cordova Link Expressway.

Maynilad, meanwhile, is operated by a joint venture of MPC, DMCI Holdings, and Marubeni Corp. It serves the west zone of the Greater Metro Manila area, covering 17 cities and municipalities.

“We will list our major subsidiaries,” Pangilinan said.

Apart from MPTC and Maynilad, MPIC has interests in rail transportation through Light Rail Manila Corp., the operator of LRT-1, power distribution and generation through Meralco, as well as healthcare, agribusiness, real estate, fuel storage, and waste management.

In a disclosure to the PSE, MPIC said the tender offer for its publicly-held shares “is now closed.”

“The total of Tendered Shares, Excluded Shares and other non-public shares is equivalent to 97.22% of MPIC’s total issued and outstanding listed shares and has exceeded the threshold required to complete the voluntary delisting,” the company said.

Sought to comment, Pangilinan said that delisting MPIC from the PSE is an indication that “the times have moved on and conglomerates are passé.”

Pangilinan said MPIC’s focus will be company specific after delisting from the local bourse.

In April, MPIC announced its plan to voluntarily delist from the local bourse as controlling shareholders are set to buy out the minority through a tender offer.

Despite the planned public delisting of the conglomerate, MPIC chief finance officer Chaye Cabal-Revilla said, “There is not going to be any change.”

“We will run MPIC as if it were publicly listed. We will maintain the same board, governance, we will also maintain the board committees and we will also be publishing our integrated report showcasing our sustainability initiatives etc…,” Cabal-Revilla said.

MPIC is the Philippine arm of Hong Kong-based investment holding firm First Pacific Company Ltd.

MPIC currently owns 47.5% of Meralco, 99.9% of Metro Pacific Tollways Corp., 52.8% of Maynilad Water Services Inc., 20.0% of Metro Pacific Health Corp., and other assets.—AOL, GMA Integrated News