Metro Pacific Investments Corporation announced that it has raised an additional P1.86 billion from the sale of its shares through the full exercise of the greenshoe option.

In a disclosure to the Philippine Stock Exchange, MPIC said the greenshoe was exercised by CLSA Singapore Pte Ltd, acting as sole global coordinator, sole stabilization agent through CLSA Limited, and joint bookrunner with UBS AG as its placing agents.

Following the completion of the re-launch, MPIC, together with its principal shareholder, MPHI entered into a placement agreement with CLSA on September 19, 2009, for the offer and sale by MPHI of 4.15 billion common shares of MPIC.

The Placement Agreement provides for an over-allotment option of an additional 620 million common shares of MPIC held by MPHI, exercisable by CLSA Limited in its capacity as over-allotment agent, pursuant to a greenshoe agreement.

Under the Over-allotment Option, could sell up to an additional 620 million common shares of MPIC held by it, at the same offer price of P3.00 per share, solely to cover over-allotments.

The total proceeds of the issue consequently rose to $300 million, making it the largest equity capital markets transaction out of the Philippines since 2007.

“It is evident that the demand for MPI shares exceeded expectations and the stock continues to trade above the offering price. Currently, MPI has a market capitalization of P31.12 billion based on its currently listed shares,”, said MPIC Chief Finance Officer Andrew G. Shepherd.

However, he said MPIC has recently issued 9.2 billion common shares in connection with the recently completed MPI re-launch and to fund the purchase of Meralco shares from BTF and Crogan which, if taken into account and listed, will at current market prices effectively bring MPIC's market capitalization to P69 billion.

"We are delighted by the success of this transaction and the strong aftermarket performance of the shares. It is a sign of confidence in both Metro Pacific and the broader Philippine market," said MPIC Chairman Manuel V. Pangilinan.