MPIC's privatization moves bearing fruits

The decision to go private last year has worked wonders for conglomerate Metro Pacific Investments Corp.(MPIC), as the company is on its way to another banner year.

- RICHMOND MERCURIO

In a recent investor presentation by Hong Kongbased investment holding company First Pacific Co.Ltd., it said MPIC's owners have increased the dividend payout and guided The Manila Electric Co. (Meralco) and Metro Pacific Tollways Corp. (MPTC) to major new investments for growth since the delisting.

"Following MPIC's delisting, the only major equity market access to most MPIC assets is via shares in First Pacific," it said.

MPIC voluntarily delisted from the Philippine Stock Exchange and successfully re-privatized last year.

First Pacific and other investors delisted MPIC at a valuation of $2.96 billion.

First Pacific, led by business titan Manuel V. Pangilinan., holds an economic interest of 46.3 percent in MPIC.