Metro Pacific shares rose by as much as 5% in early trade to reach the highest in nearly 14 months, extending a 7.8% surge on Tuesday.

The share rally came after speculation of the potential entry of a foreign investor or a plan to take the group private, said April Lee-Tan, head of research at online brokerage firm COL Financial in Manila. "After all, stock is super cheap".

Philippine website Bilyonaryo reported on Tuesday that Japan's Mitsui was interested in buying a state of up to 20% in Metro Pacific.

"We meet with many interested investors with our current portfolio given our strong and stable performance," Metro Pacific said in a statement to Reuters. "But we have not entered into any definitive agreement with anyone."

Metro Pacific, which has interests in power, water, hospitals and toll roads, is a unit of First Pacific Co Ltd, which is owned by Indonesian tycoon Anthoni Salim.

A Mitsui & Co spokesperson in Tokyo declined to comment on a reported deal.

"We are aware of the report, but we decline to comment," he said.

(Reporting by Neil Jerome Morales in Manila and Yuka Obayashi in Tokyo; Editing by Ed Davies)