FIRST PHILIPPINE HOLDINGS IS A CORPORATION THAT IS CONSTANTLY IN ACTION. WE’RE ALWAYS TRYING TO FIND WAYS TO DELIVER FOR OUR STAKEHOLDERS AND THE FILIPINO PEOPLE.
Further to the disclosure made on August 7, 2008, Benpres Holdings Corporation (Benpres) and First Philippine Holdings Corporation (First Holdings) executed today with Metro Pacific Investments Corporation (MPIC), the Share Purchase Agreement to sell their stake in their tollroad business to MPIC. This acquisition will result in MPIC holding a 67.1% effective interest in the Manila North Tollways Corporation, the concession holder of the North Luzon Expressway, and a 46% effective interest in Tollways Management Corporation.
The agreement involves the sale of Benpres’ and First Holdings’ shares in publicly-listed company First Philippine Infrastructure, Inc. As disclosed earlier, the aggregate consideration of the proposed acquisition is P12.262 million, broken down into P11.8 billion to be settled in cash upon closing and the assumption by MPIC of certain advances amounting to P462.6 million. This will translate to P2.46705 per share.
The agreement is subject to closing conditions which are expected to be completed within 90 days from the date of the Agreement considering, among others things, compliance by MPIC with the mandatory tender offer requirements of the Securities and Exchange Commission.
To view the full disclosure, click here.