Metro Pacific pockets $150 million from sale of new shares

Metro Pacific Investment Corp, the Philippine infrastructure investment company, last night raised Ps6.12 billion about $150 million from a top-up placement following a solid run in its share price since the beginning of the year.

The company has had a good following among investors since 2006 when it started to transform itself from an uninspiring property holding company to become the country’s only pure infrastructure play with interests ranging from water and electricity to toll roads and hospitals.

Like its previous capital-raising exercises, last night’s placement had good support from existing shareholders and domestic investors, but also attracted new international accounts, a source said. In all, about...