<article><a style="color: #000080" href="http://www.mpic.com.ph/" target="_blank">Metro Pacific Investments Corporation (MPIC)</a>, an infrastructure conglomerate in the Philippines, announced raising P8.8 billion ($200 million) in its fresh share sale. The fund will be used for making investments in the country&#8217;s infrastructure projects.</article>

<a style="color: #000080" href="http://www.mpic.com.ph/" target="_blank">Metro Pacific Investments Corporation (MPIC)</a>, an infrastructure conglomerate in the Philippines, announced raising P8.8 billion ($200 million) in its fresh share sale. The fund will be used for making investments in the country&#8217;s infrastructure projects.
MPIC and its principal shareholder Metro Pacific Holdings Inc (MPHI) conducted the equity fund raising through a placing and subscription transaction on Monday night, managed by <a style="color: #000080" href="http://www.ubs.com/hk/en.htm" target="_blank">UBS AG-Hong Kong</a> Branch.
In the overnight deal, MPHI agreed to sell up to 1.82 billion common shares in MPIC at P4.90 per share.
MPIC noted the placement price is at a discount of 2.75 per cent to MPIC’s 30-day volume weighted average share price as of Monday.
The deal, according to MPIC, &#8220;garnered strong interest from institutional investors in Asia especially within the Philippines, as well as Europe and the US.&#8221;
MPIC added they will use the net proceeds from the placement, together with up to P10 billion ($225.5 million) of new borrowings for reduction of relatively expensive debt at MPIC’s affiliate, Beacon Electric Asset Holdings Inc and for investment in previously announced projects and general corporate purposes.
MPIC also confirmed to the local bourse that its subsidiary, <a style="color: #000080" href="http://www.mntc.com/" target="_blank">Manila North Tollways Corporation</a>, received notice of award regarding the Subic Clark-Tarlac Expressway (SCTEX) on Monday evening. SCTEX is a 94km long road with 31,000 vehicle entries per day. Traffic growth for 2014 is estimated at 12 per cent year-on-year.
&#8220;With recent developments in our new investment in Vietnam, accelerating progress in the Philippines in our roads, specifically the SCTEX, together with rail and further PPP opportunities ahead of us we decided now was the time to embark on an equity raising,&#8221; said MPIC president and CEO Jose Ma. K. Lim.
The above transaction reduced MPHI&#8217;s economic interest in MPIC from 55.8 per cent to 52.13 per cent.
MPIC&#8217;s last traded price was at P4.97, which is down by P0.270 or 5.15 per cent to Monday&#8217;s P5.24.

Metro Pacific Investments Corporation (MPIC), announced raising P8.8 billion ($200 million) in its fresh share sale.

Metro Pacific raises $200m via share sale

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Metro Pacific raises $200m via share sale

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