PHILIPPINE infrastructure conglomerate Metro Pacific Investments Corp (MPIC) is set to become a private company in October after a tender offer to buy its publicly listed shares received backing from shareholders.

The company earlier in the day confirmed it would list its tollways and water subsidiaries after completing the voluntary delisting plan, with the tollways unit likely to be listed by 2024.

CEO Manuel Pangilinan had said on Wednesday (Sep 20) that the group would list its major subsidiaries. A listing of its waterways subsidiary, Maynilad, is planned by 2026, he said.

A consortium led by Hong Kong-listed First Pacific, controlled by Indonesian billionaire Anthoni Salim and his family, in April announced a tender offer to buy shares of Metro Pacific in an effort to take it private.

The group of bidders, which includes Philippines’ GT Capital Holdings and Japan’s Mitsui, had in July raised the offer to 5.20 pesos apiece after the previous bid ran into opposition from minority shareholders over valuation.

Mitsui on Wednesday said it purchased an about US$148 million stake in the infrastructure giant as part of the buyout.

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Philippine government-owned government Service Insurance System has increased its stake in the company to become a minority shareholder during the tender offer.

A total of 5.46 billion shares, equivalent to 19.04 per cent of MPIC’s total issued and outstanding listed shares, were tendered, the company said.

Metro Pacific, which is the biggest shareholder in the country’s biggest electric utility firm, Manila Electric, also has interests in hospitals.

Shares of Metro Pacific ended the day 0.2 per cent lower at 5.1 pesos. REUTERS