<article>Philippine conglomerate <a style="color: #000080;" href="http://mpci.com.ph">Metro Pacific Investments Corp (MPIC)</a> has raised its capital stocks up to $896.7 million or P40.05 billion from its original P30.05 billion via reclassification of shares.</article>

Philippine conglomerate <a style="color: #000080;" href="http://mpci.com.ph">Metro Pacific Investments Corp (MPIC)</a> has raised its capital stocks up to $896.7 million or P40.05 billion from its original P30.05 billion via reclassification of shares.
The infrastructure investment firm informed the stock exchange on Wednesday that its board of directors approved the reclassification of 150 million Class B preferred shares, worth P1.00 per share, into 15 billion Class A preferred shares priced at P0.01 apiece.
This decreased Class B preferred shares from 1.5 billion to 1.35 billion and increased Class A preferred shares from 5 billion to 20 billion.
&#8220;The increase in authorized capital stock is for the purpose of enabling the company to carry out equity fund raising in a timely manner for the company&#8217;s investments, which include but is not limited to infrastructure, utilities and healthcare sectors, and general corporate purposes,&#8221; MPI vice president Melody del Rosario said in a statement.
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As for reclassification of shares, Del Rosario explained it is to broadly maintain the historical ratio of preference shares relative to each class and the common shares of the company following, recent capital raising exercises; as well as to reduce the number of outstanding preferred shares that are convertible to the common shares.
MPIC noted that such amendments do not have any other effect on the business, operations or capital structure of the company.
The date of filing the consequent amendment of the Articles of Incorporation of the company with the Securities and Exchange Commission, as well as its approval, are yet to be announced.
The company&#8217;s consolidated core net income in 2014 went up 18 per cent or P8.5 billion from the previous year&#8217;s P7.2 billion. It reported that each of its four main businesses — water utilities, toll roads, electricity distribution — delivered strong growth despite regulatory challenges.
MPIC&#8217;s last trading price increased by 4.04 per cent or P0.170 to close at P4.38.
Also read: <a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/metro-pacific-gets-200m-via-share-sale-2893/">Metro Pacific raises $200m via share sale</a>

Philippine conglomerate Metro Pacific Investments Corp (MPIC) has raised its capital stocks up to $896.7 million or P40.05 billion from its original P30.05 billion via reclassification of shares.

PH's Metro Pacific raises capital stock to $896.7m

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PH's Metro Pacific raises capital stock to $896.7m

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