METRO Pacific Investments Corp. (MPIC) is considering the possibility of widening the public’s ownership in First Philippine Infrastructure, Inc. (FPII), a listed company it recently purchased from the Lopez group.

 “Maybe we can consider a secondary offering to raise funds to allow us to intensify our tollroad business,” Jose Maria Lim, MPIC president, said in an interview.

FPII, whose shares are traded at the stock exchange, is the parent firm of First  Philippine Infrastructure Development Corp. (FPIDC), which owns 67.1 percent of Manila North Tollways Corp. (MNTC) and 46 percent of Tollways Management Corp. (TMC).

Last week, MPIC announced its plan to purchase for P12.2 billion the combined 99.84-percent ownership of First Philippine Holdings Corp. (FPHC) and Benpres Holdings Corp. (BHC) in FPII. The balance of 0.16 percent will be owned by the minority shareholders.

The group, whose other investments include water utility service through Maynilad; real estate via Landco Pacific; and healthcare services through Makati Medical, Davao Doctors and Cardinal Santos, is borrowing P6.8 billion to partly finance the FPII acquisition. Its parent firm Hong Kong-based First Pacific Co., will advance the purchase.

A share purchase agreement is now being negotiated by the parties. Once consummated, FPHC, as owner of the 51-percent stake in FPII, will receive P6.2 billion from the sale. BHC, on the other hand, said the sale proceeds will be used to settle its debt obligations.  

METRO Pacific Investments Corp. (MPIC) is considering the possibility of widening the public’s ownership in First Philippine Infrastructure, Inc. (FPII), a listed company it recently purchased from the Lopez group.

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