A 6.95% block in Philippines infrastructure company Metro Pacific Investments MPI was in the market yesterday and was met with enough interest to allow for a tight discount and a partial exercise of the upsize option.
The seller was Philippine Long Distance Telephone's PLDT employee retirement fund known as the Beneficial Trust Fund, or BTF, which reduced its stake in MPI to about 9% from 16% and raised Ps4.2 billion $94 million.
While small in dollar terms, this was still a large deal for the Philippines, which is a thinly traded market. Yesterday, the total trading volume amounted to only $80 million, or the equivalent of 85% of the value of the MPI...
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