GSIS to stay on as Metro Pacific shareholder after delisting

State pension fund Government Service Insurance System intends to stay as shareholder of Metro Pacific Investments Corp. after it is delisted from the Philippine Stock Exchange.

GSIS bought a total 2.49 billion shares of MPIC to increase its shareholdings to 3.44 billion share, equivalent to an 11.98 percent stake in the listed investment holding company. The 438,549,038 common shares represents approximately 11.98 percent of the total outstanding common shares of MPIC.

As the shares constitute more than 10 percent of a listed company, the stocks held by GSIS is considered non-public based the rules of the Philippine Stock Exchange. 

MPIC, whose investments span hospitals, tollways, water and infrastructure development, plans to delist from the PSE in October. It has made a tender for shares held by minority shareholders, offering a purchase price of P5.20 a share.

Shares of MPIC are now trading 2 percent lower at P5.

“The GSIS intends to remain a shareholder of MPIC after the completion of the voluntary delisting,” said the GSIS in a letter to the PSE signed by Luz Victoria Reyes-Morando, corporate secretary and chief information officer of the state pension fund.