Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and CEO: Kenichi Hori) previously announced in the releases "Planned Commencement of Tender Offer to Acquire Metro Pacific Investments Corporation, an Integrated Infrastructure Company in the Philippines" dated April 27, 2023, "Notice Regarding Progress of Tender Offer to Acquire Metro Pacific Investments Corporation, an Integrated Infrastructure Company in the Philippines" dated June 1, 2023, and "Revision of Offer Price in Tender Offer to Acquire Metro Pacific Investments Corporation, an Integrated Infrastructure Company in the Philippines" dated July 4, 2023, that through Mit-Pacific Infrastructure Holdings ("MPIH") (Mitsui 50%+1share, Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development ("JOIN", Head Office: Tokyo, President and CEO: Tatsuhiko Takesada) 50%-1share), it was to make a tender offer ("Offer") of 5.2 Philippine pesos per share for the common shares of Metro Pacific Investments Corporation ("MPIC"), a company listed on the Philippine Stock Exchange, together with Metro Pacific Holdings, Inc., GT Capital Holdings, Inc. and MIG Infrastructure Holdings Incorporated after the completion of the necessary procedures.
Mitsui has confirmed the completion of these procedures, and today announces that the Offer will commence from August 9, 2023 as follows.
1. Objective of the Offer
Through the Offer, Mitsui aims to acquire a portfolio of assets including core infrastructure assets such as those related to power, water, and highways in order to capture the strong demand in the Philippines, which is expected to grow further. By combining MPIC's business foundation with Mitsui's long-standing capabilities and experience in its global infrastructure business, Mitsui will contribute to the energy transition in the Philippines. In addition, Mitsui will support MPIC's business development and create collaborative projects by leveraging our comprehensive capabilities in the digital field and other areas, thereby enhancing MPIC's corporate value.
2. Major Changes in the Outline of the Offer
|As of July 4, 2023||As of August 8, 2023|
|Schedule of the Offer
|Early August 2023: Commencement of the Offer
Early September 2023: Close of the Offer
|August 9: Commencement of the Offer
September 7: Close of the Offer
No material change is expected in Offer price, Mitsui's number of target shares in the Offer, change in the shareholding in MPIC by the Offer, and estimated total amount from those as of July 4, 2023.
3. Impact on the Business Results
We expect to record a one-time gain in the fiscal year ending March 31, 2024, as part of the process of allocating the acquisition price to the assets and liabilities in the consolidated financial statements. This gain has been reflected in our forecasts for the fiscal year ending March 2024, announced on May 2, 2023.