Lopez firm to list new shares

MANILA, Philippines - Lopez-led First Philippine Infrastructure, Inc. is seeking regulatory approval for the listing of more than 4.97 billion in additional shares worth P1 each to fulfill the condition of its sale to listed Metro Pacific Investment Corp. The new shares will be issued to Benpres Holdings Corp. and First Philippine Holdings Corp., who will then sell to Metro Pacific. A source from the firm said this was done as part of Metro Pacific’s condition to Benpres Holdings and First Holdings to complete the capitalization of First Philippine Infrastructure before the sale. Early last month, Benpres Holdings and First Holdings sold their stake in the mother company of the operator of the North Luzon Expressway for P12.2 billion, or P2.467 per share for 4.94 billion shares. First Holdings will receive P6.2 billion from the sale, while Benpres will receive P6 billion. First Philippine Infrastructure owns 67.1% of Manila North Tollways Corp. and 46% of Tollways Management Corp., which financed, designed, built and now operates the North Luzon Expressway. Approximately 0.16% of the firm is publicly held. - BusinessWorld