First Pacific's (HKG:0142) Philippines-based affiliate Metro Pacific Investments or MPIC will buy back 4,577,448 common shares held by shareholder Mit-Pacific Infrastructure, according to a Thursday filing with the Hong Kong Stock Exchange.

The shares represent 7.3% of the total common shares of MPIC, or 50% of the shareholding of MPIC held by Mit-Pacific, and are valued at 2,600 Philippine pesos apiece, equivalent to 11.9 billion pesos or $213.3 million, the filing said.

Upon completion of the buyback, First Pacific's stake in MPIC will increase to 49.9% from 46.3% while Mit-Pacific's stock will fall to 7.8% from 14.5%, the filing said.

MPIC will then issue an exchangeable bond to Mit-Pacific in exchange for 1,495,258 shares of Metro Pacific Tollways or MPTC held by MPIC, the filing said.

Once the exchangeable bond transaction is completed, Metro Pacific Investments' stake in MPTC will fall to 93.3% from 99.9%, while Mit-Pacific will hold 6.6% in MPTC, the filing said.

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