Metro Pacific extends tender offer; seeks remaining 3.13% minority shares

Metro Pacific Investments Corp. said Friday minority shareholders have tendered a total 5.36 billion common shares, equivalent to 18.7 percent stake in the listed investment holding company.

Metro Pacific, whose business interests include hospital, tollways, water, and infrastructure development, said together with excluded shares, the tendered stocks comprise 96.87 percent of the company.

The company made a tender for minority shares, offering to buy those stocks for P5.20 each, as part of a plan to delist from the Philippine Stock Exchange.

The tender offer period was extended to September 19 to afford shareholders “more time to fully appreciate the recent developments on the delisting of (Metro Pacific) and make a decision to participate in the tender offer,” the company said.

Listed companies with public ownership that fall below 10 percent must delist from the PSE.