The story
First Pacific's Philippine investment holding interests other than that of PLDT and Philex Mining were in the distinct, similarly named juridical entity "Metro Pacific Corporation" (MPC, SEC Registration No. 135748)
now renamed to "Neo Oracle Holdings, Inc."
. This included the creation, master planning and development of Bonifacio Global City before selling out to Ayala Land and Campos groups.
As part of MPC's corporate rehabilitation, recapitalization and reorganization program, MPIC, an entirely new entity was created in March 2006. Through matters such as share swaps, shareholders of MPC became the shareholders of MPIC, and MPC became a subsidiary of MPIC - the Board of Directors and executive management of both ended up being essentially the same as it was before the program. MPIC was intended to emerge as a new, debt-free investment company to continually expand the real estate business of MPC thru Landco, raise new capital from existing and new investors and make new investments in infrastructure amongst others. MPIC thereafter directly owned a majority of Landco and of MPC. The stake in Landco was however reduced to below 40% in 2009, to help raise capital for the prioritized ventures in power, telecommunications and tollway businesses. MPIC did eventually buy back all of the shares so that LandCo again became a wholly-owned subsidiary, around 12 years later.
MPC, which became Neo Oracle, continued to exist as an unlisted corporate entity (used to own certain other assets that were eventually divested off) as of 2020. However, a routine check in September 2026 yields that its registration is "Expired".
In May 2016, over ten years later after MPIC's incorporation, GT Capital Holdings Inc. (GTCAP, parent of Metropolitan Bank and Trust Company among other business of the Ty family), acquired 15.6 percent of MPIC, which will, in turn, buy control over GTCAP's Global Business Power Corporation in a deal worth PHP 29.89 billion. GTCAP acquired 3.6 billion new common shares in MPIC at PHP 6.10 per share amounting to a stake of 11.4 percent on an expanded capital base for a total cash consideration of PHP 21.96 billion. It also acquired a further 1.3 billion common shares in MPIC from Metro Pacific Holdings, Inc. (MPHI), MPIC immediate parent company and a Philippine affiliate of First Pacific, at the same price, for a total of PHP 7.93 billion in cash. These transactions resulted in GTCAP holding an overall stake of 15.6 percent of the common share capital of MPIC in a new business alliance between the two business groups.
As initially hinted at on late April 2023, the company formally filed in August 2023 for voluntary delisting from the Philippine Stock Exchange (PSE). The company completed its tender offer on September 19, acquiring 5.46 billion common shares equivalent to 19% of the company and was eventually delisted effective October 9. Eight days later on October 17, Ramon S. Ang was elected a member of the company's board of directors after making a direct investment in MPIC. However, the size of Ang's investment was not disclosed.
From Wikipedia’s article on Metro Pacific Investments, shared under CC BY-SA 4.0.4