Nikkei Asia explores the decision to take Philippine-listed infrastructure conglomerate Metro Pacific Investments Corporation (MPIC) — the parent of Metro Pacific Tollways –private. Manuel Pangilinan, the board chair and an architect of the delisting initiative, says the stock market’s undervaluation of company shares has inhibited equity raising necessary for expansion. The article looks at the risk of Philippine government intervention in the infrastructure industry, which is blamed for the lackluster performance of MPIC shares, and the expansion plans of the international consortium of investors proposing to take lucrative MPIC assets private.
