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Metro Pacific poised to become SPNEC’s largest shareholder

METRO Pacific Investments Corp. (MPIC) said on Monday that it had completed the acquisition of 1.6-billion common shares or an equivalent of 16% of the outstanding shares in SP New Energy Corp. (SPNEC).

In a regulatory filing, MPIC said that an agreement was also executed granting it an option to acquire up to 10-billion primary shares at a subscription price of P1.25 per share and up to 7.4-billion secondary shares at P1.25 each.

“A full exercise of these options will make the MPIC Group the single largest shareholder of SPNEC with an almost 43% interest,” MPIC said.

The acquisition will also make MPIC Chairman Manuel V. Pangilinan the chairman of the board of SPNEC.

“The election of Mr. Pangilinan to the Board of Directors of SPNEC will be implemented at a later date,” MPIC said.

It added that the exercise of the options will be subject to the satisfaction of certain conditions and compliance with relevant regulatory requirements.

Separately, SPNEC told the stock exchange on Monday that its board of directors approved the execution of an option agreement between MPIC, Solar Philippines Power Project Holdings, Inc. (SPPPHI) and SPNEC.

SPNEC said the execution of the option agreement grants MPIC and its affiliate an option to acquire up to 17.4-billion shares. It added that a full exercise of these options may result in MPIC investing a total of P23.75 billion for 19-billion shares or 42.82% of SPNEC.

Meanwhile, SPNEC’s board has also approved the modified acquisition by SPNEC of 100% shares of SPPPHI in various entities — at cost and paid in cash instead of through a tax-free share-swap agreement from the proceeds of SPPPHI subscribing in cash for 24.37-billion shares.

At the local bourse on Monday, shares in MPIC gained 10 centavos or 0.23% to P4.43 apiece, while shares in SPNEC closed 0.68% higher to end at P1.49 each.

MPIC is one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose

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