Business magnate Manuel V. Pangilinan has taken measures to bolster confidence in Metro Pacific Investments Corp., which has plummeted due to uncertainties over Maynilad Services Inc.’s concession agreement with the government.
Based on separate regulatory filings, Pangilinan shelled out around P1.68 million to acquire 500,000 MPIC shares on Dec. 18. The shares were acquired at a price ranging from P3.31 to P3.49 each, boosting Pangilinan’s stake to 10 million MPIC shares.
Jose Ma. K. Lim, president of MPIC, likewise coughed up P6.1 million to acquire two million shares in MPIC on Dec.16 at P3.0505 each share. With the purchase, his total holdings increased to 27 million MPIC shares.
David J. Nicol, CFO and executive director at MPIC, didn’t want to be left behind as he purchased one million shares of the company’s stock on Dec.19 at P3.4085 per share. He now owns a total of 21.5 million MPIC shares.
MPIC is the parent firm of Maynilad, one of the two utility firms which incurred the ire of Duterte due to what he called onerous provisions in the concession agreement with the government.
From P4.39 on Dec. 3, MPIC plunged as much as 63.2 percent to P2.69 on Dec. 12 after Duterte threatened to file a case of economic sabotage against the water concessionaires.
This was the stock’s lowest closing level since Nov. 3, 2001 at P3.10.
The stock closed at P3.26 Friday, down 4.12 percent from Thursday’s close.