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Forbes Asia Tycoon Anthoni Salim’s First Pacific, Partners Spending $992 Million To Take Philippine Infra Firm Private Jonathan Burgos Forbes Staff Following Jul 4, 2023, 04:45am EDT | Press play to listen to this article! Got it! Share to Facebook Share to Twitter Share to Linkedin Anthoni Salim, CEO of Indofood, one of the world's largest noodle makers. Courtesy of Indofood A consortium led by First Pacific—controlled by Indonesian billionaire Anthoni Salim and his family—raised its offer to buy up to 36.6% stake in Philippine infrastructure giant Metro Pacific Investments Corp. (MPIC) for as much as 54.8 billion pesos ($992 million). The Hong Kong-listed investment company, along with partners GT Capital Holdings —controlled by the family of late banking tycoon George Ty—and Japan’s Mitsui & Co. raised their offer price for the rest of MPIC shares they don’t own to 5.20 pesos each from 4.63 pesos when the consortium originally proposed to take the Philippine listed firm private. The stock closed at 4.79 pesos on Monday and was suspended from trading today. The latest offer values MPIC at 149.2 billion pesos. The company is the biggest shareholder in Manila Electric Co., the country's biggest electric utility, and has interests in hospitals, toll roads, water utility and commuter trains. It's also stepping up investments in renewable energy, agreeing in May to buy as much as 23.8 billion pesos worth of shares in solar energy firm SP New Energy. “We regard this new offer as the best and final price the bidders are able to deliver to MPIC’s minority shareholders,” Christopher Young, executive director of First Pacific, said in a statement. “Due to the transaction timetable, approvals, and regulatory requirements of the entire process across multiple jurisdictions, there will be no further opportunity to adjust the price.” The Salim family owns a stake in First Pacific, which has interests in Indofood—one of the world’s largest noodle makers—and Philippine phone giant PLDT. With a net worth of $7.5 billion, the family is among the richest in Indonesia. They also have investments in banking, energy, mining and retail. MORE FOR YOU ‘Big News’—Leak Reveals The SEC Could Be About To Blow Up Crypto’s $100 Billion Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, Solana And Litecoin Price Pump Russian Troops Took An Old Tractor, Stuck Rockets On One End, A Mortar On The Other—And Produced The War’s Weirdest Vehicle The Witcher Losing Henry Cavill After Season 3 Is An All Time Netflix Fumble Send me a secure tip . Jonathan Burgos Editorial Standards Print Reprints & Permissions
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