First Pacific yesterday confirmed plans to inject $2.81 billion into its 73 per cent held Philippines subsidiary Metro Pacific Corp through a $4.02 billion rights issue. The debt-laden Metro said the rights issue would take place in two tranches in order to satisfy securities regulations. The first tranche will comprise a pro rata offering of Metro shares to affiliates of First Pacific which are also shareholders of Metro. Shares in the first tranche will be priced at 1.30 pesos per share (about 26 HK cents). Metro shares closed yesterday at 1.22 pesos a share. The second $1.2 billion tranche will be offered to minority shareholders in the last quarter of this year. First Pacific said it would pay for the shares by June 30. The company said its stake in Metro would temporarily rise to 89 per cent until the second tranche of the rights issue was completed. Metro is suffering as the slide in Asian property prices has soured the outlook for its Fort Bonifacio development in Manila. Metro's fund-raising exercise comes a little more than a month after Thai-based First Pacific subsidiary Berli Jucker announced it would raise $800 million through a rights issue.