Philippines' Metro Pacific shares extend gains on deal speculation

First Pacific

11/01/2023 02:35

MANILA, Jan 11 (Reuters) - Philippines' Metro Pacific
Investments Corp  MPI.PS  said on Wednesday it had not entered
into any "definitive" agreement with foreign investors, after
shares in the infrastructure conglomerate were boosted by market
rumours of a potential deal.
    Metro Pacific shares rose by as much as 5% in early trade to
reach the highest in nearly 14 months, extending a 7.8% surge on
Tuesday.
    The share rally came after speculation of the potential
entry of a foreign investor or a plan to take the group private,
said April Lee-Tan, head of research at online brokerage firm
COL Financial in Manila. "After all, stock is super cheap".
    Philippine website Bilyonaryo reported on Tuesday that
Japan's Mitsui was interested in buying a state of up to 20% in
Metro Pacific.
    "We meet with many interested investors with our current
portfolio given our strong and stable performance," Metro
Pacific said in a statement to Reuters. "But we have not entered
into any definitive agreement with anyone."
    Metro Pacific, which has interests in power, water,
hospitals and toll roads, is a unit of First Pacific Co Ltd
 0142.HK , which is owned by Indonesian tycoon Anthoni Salim.
    A Mitsui & Co spokesperson in Tokyo declined to comment on a
reported deal.
    "We are aware of the report, but we decline to comment," he
said.
 (Reporting by Neil Jerome Morales in Manila and Yuka Obayashi
in Tokyo
Editing by Ed Davies)
 ((manila.newsroom@thomsonreuters.com))