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Komfie Manalo, Opalesque Asia:

Long-only institutional investors, hedge funds and domestic funds have banded together to raise $200m for Philippine-based Metro Pacific Investments Corp. (MIPC), a unit of Hong Kong-based First Pacific Company Holdings, through an overnight equity private placement deal to finance expansion plans, various media reported.

Large global funds in the U.S. and Europe also contributed a big the bulk of the fresh funds. With the fund-raising, Metro Pacific became the latest company in the Philippines to take advantage of the growing Manila stock markets, reported Finance Asia.

The Philippine stock market is one of the few bright spots in Asia and several Philippine issuers have been taking advantage of Manila’s bull market. The benchmark Philippine Stock Exchange Composite Index rose 7% year-to-date, making it one of Asia’s strongest performers.

Metro Pacific offered an accelerated "top up" deal worth 1.8 billion shares in listed subsidiary MIPC to raise the $200m. Metro Pacific’s shares are trading at 16.38 times the firm's earnings in 2014 and are up about 13.5% so far this year.

In its disclosure submitted before the Philippines’ Securities and Exchange Commission (SEC), MPIC said a big chunk of the funds would b......................

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