MANILA - Diversified conglomerate Metro Pacific Investments Corp. (MPIC) plans to raise $200-$300 million this year through a public offering or share placement, its chairman said on Tuesday.

Metro Pacific, a unit of Hong Kong's First Pacific Co. Ltd., did not state what the funds would be used for, but has previously said it wants to acquire a 10.17 percent stake in Manila Electric Co (Meralco), worth around $200 million at current share prices.

"There is a significant fund raising coming on line with respect to Metro Pacific, and based on those market soundings there will be a determination of likely price and issue size, but the target is anywhere between $200 to $300 million," Manuel Pangilinan told reporters.

Metro Pacific, which has a current market capitalisation of about $400 million, has deferred the Meralco share purchase plan, saying it is waiting until the share price of the country's largest power distributor stabilises.

Metro Pacific would hold an international roadshow next month to drum up investor interest in the planned equity offering, Melody del Rosario, the company's assistant vice president, said separately.

The roadshow will take place in Hong Kong, Singapore, United Kingdom, and the United States from July 15 to 31.

Terms of the proposed public offering or private placement of shares would depend on investor appetite and market conditions, Metro Pacific said.

The Meralco shares Metro Pacific had said it wanted to buy are held by sister firm Philippine Long Distance Telephone Co. (PLDT), under the PLDT Beneficial Trust fund and allied firm New Gallant Limited.

PLDT said in March its wireless phone arm Pilipino Telephone Corp. would buy a further 20 percent of Meralco for $414 million.

Metro Pacific shares closed unchanged on Tuesday, while Manila's main stock index fell 1.2 percent.