Mitsui & Co., Ltd., Metro Pacific Holdings, Inc., GT Capital Holdings, Inc. and Manuel V. Pangilinan entered into a Memorandum of Agreement to acquire 36.6% stake in Metro Pacific Investments Corporation from Republic of the Philippines Social Security System, Government Service Insurance System and others for approximately PHP 48.67 billion.
April 26, 2023
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Mitsui & Co., Ltd. (TSE:8031), Metro Pacific Holdings, Inc., GT Capital Holdings, Inc. (PSE:GTCAP), and Manuel V. Pangilinan entered into a Memorandum of Agreement to acquire 36.6% stake in Metro Pacific Investments Corporation (PSE:MPI) from Republic of the Philippines Social Security System, Government Service Insurance System and others for approximately PHP 48.67 billion on April 26, 2023. The offer is for all the remaining minority shareholders at the PHP 4.63 per share. The tender offer price takes into consideration the PSE's voluntary delisting rules and represents a premium of 22% over the 12-months volume-weighted average trading price of MPIC on the PSE.
The tender offer will be conditional on sufficient acceptances being received as will permit the voluntary delisting of Metro Pacific Investments from the PSE, Independent Shareholders' approval, Philippine Competition Commission, applicable legal and regulatory requirements, is not subject to compulsory notification under the Philippine Competition Act. The offer will commence in late May 2023 and closing of the offer is planned in late June 2023.
GT Capital Holdings, Inc. is a Philippines-based company, which has interests in businesses across banking, property development, infrastructure and utilities, automotive assembly, importation, wholesaling, dealership, and financing, and life and non-life insurance. Its segments include Real estate, which is engaged in real estate and leasing, development and selling of properties of every kind and description, as well as ancillary trading of goods such as petroleum, non-fuel products on wholesale or retail basis; Financial institutions, which are engaged in the banking and insurance industry; Automotive operations, which is engaged in the assembly, manufacture, importation, sale and distribution of all kinds of automobiles including automobile parts, accessories, and instruments; Infrastructure, which is engaged in the water distribution, toll operation, power sector, hospitals and rail; and Others, which is engaged in acquisitions and investments.
Mitsui & Co., Ltd., Metro Pacific Holdings, Inc., GT Capital Holdings, Inc. and Manuel V. Pangilinan entered into a Memorandum of Agreement to acquire 36.6% stake in Metro Pacific Investments Corporation from Republic of the Philippines Social Security System, Government Service Insurance System and others for approximately PHP 48.67 billion.
GT CAPITAL HOLDINGS, INC. 
