Metro Pacific Investments (MPIC) signed an agreement to buy back 4.577 billion MPIC shares from a subsidiary of Mitsui Corp (Mitsui), a stake representing approximately 7.3% of MPIC’s outstanding shares. This will reduce Mitsui’s stake in MPIC from 14.5% to 7.3%. Under the terms of the deal, MPIC will issue an exchangeable bond to the selling Mitsui subsidiary worth P11.9 billion; the bond is exchangeable for 1.495 million common shares (a 6.6% stake) of Metro Pacific Tollways Corp (MPTC). MPTC is a subsidiary of MPIC.
India lifted its ban on the export of white rice, which had been in place since July 2023. As per MyTrade’s Nicky Franco, Philippine rice inflation could turn negative “at some point in the next 6 months” due to the additional supply’s impact on the commodity price of white rice.
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