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Pangilinan defends MPIC share price offer for delisting

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Jekki Pascual, ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="MPIC Chairman, President and CEO Manny Pangilinan (center) defends the need to privatize saying the company" s="" share="" price="" has="" always="" been="" low.="" Jekki="" ABS-CBN="" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2023/life/05/03/20230503-manny-pangilinan-via-abs-cbn-news.jpg"/><figcaption>MPIC Chairman, President and CEO Manny Pangilinan (center) defends the need to privatize saying the company&#x27;s share price has always been low. <em>Jekki Pascual, ABS-CBN News</em></figcaption></figure></div><p>MANILA - Metro Pacific Investments Corporation Chairman Manny Pangilinan said there is no reason to revise the offer price of MPIC shares, so far.</p><p>At a media briefing Wednesday, Pangilinan, who leads one of the companies in a consortium that offered to buy MPIC common shares, said they will stick to its offer of P4.63 per share. But they will continue to monitor price movements as there&#x27;s still time before stockholders vote to accept the tender offer or not at the Annual Shareholder&#x27;s Meeting which was reset to June 6, 2023. </p><p>&quot;Let&#x27;s wait. We&#x27;re not against reconsidering the offer price. We are not saying we will improve the offer price. But we are monitoring,&quot; said Pangilinan.</p><p>&quot;So far there are no indications why we should adjust the offer,&quot; he added. </p><p>Pangilinan reacted to some analysts who argued that the offer price should be higher, as MPIC is a huge company. But Pangilinan reiterated that the reason he wants to go private is because the value of MPIC stocks has been low for some time.</p><p>He said if MPIC stock soars in the coming weeks, there may be no need to delist.</p><p>&quot;A few days after the announcement of the tender offer, there were commentators who said actually the real value of MPIC should be P11.90 per share. If it reaches P11, we&#x27;ll be very happy. Will be the first to withdraw our offer,&quot; he said.</p><p>Pangilinan also reminds analysts MPIC also has debt. </p><p>&quot;Madali magsalita na dapat 6 pesos ang bid nila kasi underlying net asset value of MPIC should be X. Nakakalimutan nila ang utang sa MPIC.&quot;</p><p>Investment analyst Stephen Cuunjieng meanwhile gave this advice to MPIC&#x27;s minority shareholders.</p><p>&quot;If you have something better to do with the money take it. If you don&#x27;t stay – and hope that other people (stay too) Basically, it&#x27;s a game of chicken,&quot; said Cuunjieng.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/05/03/23/tired-of-pangilinan-led-mvp-explains-move-to-delist-mpic">Tired of &#x27;Pangilinan-led&#x27;: MVP explains move to delist MPIC</a></li>	<li><a href="https://news.abs-cbn.com/business/04/27/23/metro-pacific-files-for-voluntary-delisting-with-pse">Metro Pacific files for voluntary delisting with PSE</a></li></ul><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2603189" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

He said if MPIC stock soars in the coming weeks, there may be no need to delist.

Pangilinan defends MPIC share price offer for delisting

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Pangilinan defends MPIC share price offer for delisting

Jekki Pascual,

ABS-CBN News

Published May 04, 2023 12:43 PM PHT

|

Updated May 04, 2023 01:00 PM PHT

Read More:

Metro Pacific Investments Corporation

MPIC shares

Offer price

Tender offer

Manny Pangilinan

MPIC delisting

Value of MPIC stocks

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