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Metro Pacific searches for P6.7-B loan to pay for FPII buyout. Braiden Brewer K Lim recounted the purchase, which is anticipated to be closed by end-November this year, will be backed by a mixture of debt and third-party equity. Lim recounted 1st Pacific may cover the balance of the total consideration price for FPII, which owns 67.1 % of the Manila North Tollways Co ( MNTC ) and 46 % of the Tollways Management Co ( TMC ). MNTC has the legal right to operate and manage the existing 84-kilometer North Luzon Expressway. Lim recounted MPIC will start consolidating FPII into its books in December. "The MNTC purchase is going to enable the company to have a balanced and sizeable portfolio of investments which can deliver powerful profits for the long-term on a sustainable basis" announced MPIC boss man Manuel V Pangilinan. In another development, MPIC reported a core net salary of P24.5 mill in the 1st half the year, a reversal of the restated core net loss of P43.9 m. the same period a year ago. The major improvement was attributed to the robust performance of Maynilad Water Services Inc and contributions from Medical Doctors Inc ( MDI ), which owns the Makati Medical Center. Maynilad posted a core net salary of P1.21 bill, P507.5 mln of which represents MPIC's net attributable equity interest in the use firm as of June thirty, 2008. MPIC holds a 33-percent percentage in MakatiMed. The group's property unit Landco Pacific Company reported an 84 % drop in net takings to P17.9 m. from just P110.3 mill as earnings slowed down by twenty-nine % to P860.7 mln. Sales, however, went up 91 p.c to P2.71 bln from P1.42 bn. last year. Landco reported a non-recurring salary of P337 mln in the period under review stemming from the gain recognized from the conversion of the MDI convertible notes held by MPIC. Pangilinan expects the group to perform better in the 2nd twelve the year on the back of steady expansion of Maynilad and the consolidation of its healthcare investments. "The first half numbers obviously indicate that MPIC is on a robust money footing. Our corporations, controlled by Maynilad are evidencing the power to deliver healthy, sustainable profits" Pangilinan announced. MPIC is arising up to 900 mln new shares to MPHI at P2 per share to quit 40- mln loan with 1st Pacific which was employed to partly fund purchase of extra interest in DMWC for 197 mill. To help the issuance of new shares, the company has raised its allowed capital stock from P4.6 bln to P12 bln. |
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Winston Bennett said: |
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