Metro Pacific Investments MPI is kicking off a long-planned, fully marketed share sale today to raise money to pay for its acquisition of a 13% stake in Manila Electric Co Meralco, which was first announced in March, and other potential expansion project in the pipeline.
According to a source, the Philippine investment company which focuses on infrastructure assets, is seeking to sell $200 million worth of shares with an upsize option of $100 million and an overallotment option of 15% that could take the total fundraising to $345 million.
The shares will be offered at a price between Ps3 and Ps3.75 apiece, and the total number of new shares to be issued will depend...
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