METRO Pacific Tollways Corporation (MPTC), through its Indonesian subsidiary PT Metro Pacific Tollways Indonesia (PT MPTI), now holds a controlling share of 53.26 percent of PT Nusantara, MPTC’s parent company said in a disclosure.
This comes after PT MPTI acquired an additional equity interest of 4.99 percent of the total issued capital stock of PT Nusantara, raising its stake in the latter to 53.26 percent on a fully-diluted basis.
MPTC’s parent company Metro Pacific Investments Corporation (MPIC) told the Philippine Stock Exchange on Tuesday that the transaction is expected to enhance profitability and strengthen the balance sheet of MPTC.
The acquisition was made on July 2 and involved 760 million shares of PT Nusantara at a price of 211 Indonesian rupiah or 79 centavos per secondary share, for a total transaction price of P597.33 million.
As a result of the acquisition, MPIC said “PT MPTI is required to conduct a mandatory tender offer in favor of the minority shareholders of PT Nusantara.”
The minority shareholders hold about 44.21 percent of the outstanding capital stock of PT Nusantara, while 2.53 percent are held as treasury shares by PT Nusantara.
“The tender offer price, which is still subject to approval by the Indonesian Financial Services Authority, is expected to be set at IDR 211 (about P0.79) per share, or up to a total amount of IDR 1,421 billion (about P5.29 billion) for all of the remaining shares in PT Nusantara. The funding for the additional acquisition and the tender offer shall be sourced from bank loans,” MPIC said.