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- Mitsui & Co., Ltd.
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Main Contents
As Mitsui & Co., Ltd. (“Mitsui”, Head Office: Tokyo, President and CEO: Kenichi Hori) announced in the release “Result of Tender Offer to Acquire Metro Pacific Investments Corporation, an Integrated Infrastructure Company in the Philippines” dated September 20, 2023, it had acquired 11.3% of common shares of Metro Pacific Investments Corporation (“MPIC”), through Mit-Pacific Infrastructure Holdings (“MPIH”) (Mitsui 50%+1share, Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (Head Office: Tokyo, President and CEO: Tatsuhiko Takesada) 50%-1share).
In consideration of the share acquisition ratio that was originally intended, Mitsui hereby announces that MPIH will underwrite a new share allotment for MPIC (“Underwriting”) and increase its shareholding ratio in MPIC to 14.5%, as follows.
1. Outline of Additional Acquisition of MPIC
| As of September 20, 2023 | As of November 8, 2023 | |
|---|---|---|
| Way of Acquisition | Tender Offer Process (“Offer”) | Allotment of new shares |
| Acquisition Price | PHP5.2 per MPIC common share | PHP5.2 per MPIC common share |
| Change in MPIH / Mitsui’s Shareholding of MPIC | Number of shares before the Offer: 0 Number of shares after the Offer: 3,242 million shares / 1,621 million shares (11.3% / 5.6%) |
Number of shares before the additional acquisition: 3,242 million shares / 1,621 million shares (11.3% / 5.6%) Number of shares after the additional acquisition: 4,571 million shares / 2,286 million shares (14.5% / 7.25%) |
| Total Amount of Acquisition | PHP28,417 million (Approximately JPY73.9 billion)* |
- |
| Total Amount of Acquisition (MPIH portion / Mitsui portion) | PHP16,890 million (Approximately JPY43.9 billion, Mitsui portion JPY21.9 billion)* |
Additional acquisition amount PHP6,912 million (Approximately JPY18.0 billion, Mitsui portion JPY9.0 billion)* In total after the additional acquisition PHP23,802 million (Approximately JPY61.9 billion, Mitsui portion JPY30.9 billion)* |
* Conversion rate: PHP/JPY 2.6 (approx.)
2. Future Outlook
The share underwriting is expected to be completed by the end of November upon the completion of the necessary procedures.
3. Impact on the Business Results
The impact of the acquisition of MPIC shares through the Offer completed on September 20 and this Underwriting will be approximately 5.9 billion yen (recorded in the second quarter) and 2.0 billion yen (expected to be recorded in the third quarter), respectively, which are included in Mitsui’s forecasts for the fiscal year ending March 2024 announced on October 31, 2023.