The privatization plan for infrastructure giant Metro Pacific Investments Corp. suffered a setback as the consortium of buyers seek a new third-party valuation provider to allay conflict-of-interest concerns. | miguelrcamusINQ /PDI
He suggested there was pushback from regulators on the independence of their original third-party valuation provider, which was also selected from a list of PSE-accredited firms.
Pangilinan said their valuation provider had done extensive work in the past for Metro Pacific, its major shareholders and even himself. He declined to name the company. There are 13 companies which were accredited by the PSE to provide fairness opinions and valuation reports. “Most of them have done work for us. We’re a big group,” Pangilinan said. Pangilinan said they were delisting the infrastructure giant since its full value was not reflected in the share price. Shares of Metro Pacific, which owns utilities such as Meralco and Maynilad Water Services, rose 0.45 percent to P4.46 each.
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