MANILA, Philippines - The son of Henry Sy announced on Thursday he has bought a significant stake in listed investment holding firm UEM Development Philippines Inc., which he will use as "one of his vehicles to possibly carry out investments in infrastructure and public utilities."

In a statement, Henry Sy Jr., the eldest son and namesake of the shopping mall magnate, said he acquired from 5 shareholder groups 22.5 million shares, equivalent to 45.5%, of UEM for P65 million.

“We believe that there are several large ticket infrastructure investments in the very near term given the new government’s initiative to partner with private entities. We would like to participate in a number of these privatization and infrastructure projects,” he said.

Sy Jr. will make a mandatory tender offer to other UEM shareholders since the Securities and Regulation Code mandates a buyer of 35% or more of a listed company to bid for the rest of the company's shares at the same price.

UEM has outstanding shares of 49.5 million, bringing the total acquisition cost to approximately P146 million.

Incorporated in 1970, UEM does not have significant operations, but it focuses on construction and infrastructure activities. The company's last active trade was on Jan. 28, 2008 at P2.50 per share.

Sy Jr. has carried out several personal investments outside the Sy family’s holding company SM Investments Corp., whose core businesses are mall and retail, banking and property development.

In March 2010, his company One Taipan holdings Corp. acquired a 30% interest in National Grid Corporation of the Philippines (NGCP), operator of the Philippines' transmission highway, for $350 million. Sy Jr. is president and chief executive officer of NGCP.