Metro Pacific eyes new fund raising

Thu. May 28, 2009; Posted: 12:36 PM

May 29, 2009 (The Manila Times - McClatchy-Tribune Information Services via COMTEX) -- MEPIF | Quote | Chart | News | PowerRating -- On the sidelines of its annual stockholders meeting, Manuel Pangilinan, MPIC chairman, said the company would raise funds through a stock rights offering and a follow-on offering.

Pangilinan said the public holds about 8 percent of MPIC, so the fund-raising would raise this float to up to 25 percent. Based on Philippine Stock Exchange data, MPIC's free float stands at less than 3 percent.

Pangilinan said the company aims to raise an estimated P9.7 billion to P12 billion.

"[We're bringing ownership] down to no more than 75 percent. We can go down to 60 percent, or 55 percent. The higher the public float the better, more liquidity," he told reporters.

This year, the company has programmed higher capital expenditures, primarily for its toll ways and hospital businesses.

Pangilinan said its hospital group budgeted over a billion pesos in renovation and equipment purchases in the next two years.

MPIC operates the Makati Medical Center, Cardinal Santos Medical Center and the Davao Doctors' Hospital.

The company plans to build 5,000 beds in the coming years.

MPIC will also spend P2.1 billion for the North Luzon Expressway (NLEX), on top of the P90 million spent last year.

Jose Maria Lim, MPIC president and chief executive, said the company is also conducting an evaluation for a possible P2-billion investment in a waste management project.

Lim said the company is already in talks with the local government unit in Bulacan, but added "most likely we'll buy it."

The project entails a 25-year contract to design, construct and manage a 100-hectare sanitary landfill for the 7,000 metric tons of waste generated by Metro Manila.

MPIC already is majority owner of Maynilad Water Services Inc. with a 57-percent stake after acquiring the 5.4-percent interest of parent First Pacific and the Ashmore Group, as well as another 5.9-percent stake held previously by Lyonnais Asia Water Ltd.

Maynilad holds the 25-year concession for the West zone of state-owned Metropolitan Waterworks and Sewerage System.

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