Metro Pacific Investments Corp., the Philippine investment holding unit of Hong Kong-based First Pacific Co. Ltd., said Tuesday it expects to raise P14.31 billion from the sale of new shares, including option stocks.

Metro Pacific said that Metro Pacific Holdings Inc., which holds First Pacific's interest in the Philippine-
listed firm, signed a placement agreement over the weekend with UBS AG (UBS) and CLSA Singapore Pte Ltd.

MPHI will sell 4.15 billion shares in Metro Pacific at PHP3 each, a 36 percent discount to the closing price Friday and at the lower end of the indicative price announced at the start of the international roadshow on Sept. 7. The upper end of the price band was PHP3.75.

As part of the transaction, MPHI will buy new shares of Metro Pacific at P3 each to replace shares it sold and invest the money for the listed company's expansion. Metro Pacific also agreed to issue 620 million more shares to CLSA if demand is higher than expected.

Metro Pacific will use the proceeds to acquire shares in power distributor Manila Electric Co. and to fund investment in the Metro Manila Skyway System.

Metro Pacific Tollways Corp. president Ramoncito Fernandez. said MPTC is getting a financial adviser to help it raise both debt and equity to finance P36 billion in new road projects, including a possible increase in its stake in Skyway builder Citra Metro Manila Tollways Corporation within the year.