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.
Lopez Group holding companies First Philippine Holdings Corporation (First Holdings) and its parent company Benpres Holdings Corporation (Benpres) entered into an agreement to sell their stakes in their tollroad business, subject to agreed conditions. The buyer is Metro Pacific Investments Corporation (MPIC), a Manila-based investment company with core interests in the real estate and utility sectors.
The interests of First Holdings and Benpres are held through First Philippine Infrastructure, Inc. (FPII). FPII, the former City Resources Corp., is a publicly-traded company in the Philippine Stock Exchange. FPII is 51% and 49% owned by First Holdings and Benpres, respectively. Of the total outstanding shares in FPII, approximately 0.16% is publicly held. In turn, FPII owns 67.1% of Manila North Tollways Corp. (MNTC) and 46% of Tollways Management Corp. (TMC).
Through a Supplemental Toll Agreement, MNTC was granted a long term concession to finance, design, construct, operate and maintain the North Luzon Expressway (NLEX). TMC, its associate, operates and maintains the NLEX.
The aggregate offer price of MPIC amounts to P12.2 billion, which translates to P2.467 per share. The acquisition will represent a 99.84% ownership of FPII.
A share purchase agreement is being negotiated by the parties. Once consummated, First Holdings, as 51% owner of FPII, will receive P6.2 billion from the sale while Benpres will receive P6 billion.
Macquarie Capital (Singapore) Pte. Ltd. acted as exclusive financial adviser to Benpres and First Holdings.
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