Metro Pacific to raise capital stock to P30B

Metro Pacific Investments Corp. (MPIC), the local unit of Hong Kong-based First Pacific Co. Ltd., has received the nod from the Securities and Exchange Commission to raise its authorized capital stock. In a disclosure to the Philippine Stock Exchange on Thursday, MPIC said its authorized capital stock will be raised to P30.05 billion from P24.24 billion. MPIC has been on an expansion and acquisition binge since 2007 when it partnered with DMCI Holdings Inc. to acquire Maynilad Water Services Inc., which supplies potable water to Metro Manila's west zone. Since then it has acquired interests in the operator of North Luzon Expressway, and also in Manila Electric Co., Metro Manila's sole power distributor. It also owns and operates a number of hospitals in its portfolio. — CMA/VS, GMA News