Metro Pacific Tollways Corp. (MPTC), the toll road arm of Metro Pacific Investment Corp. (MPIC), aims to close its investment in Indonesian toll road operator PT Jasa Marga Tbk’s Transjawa Tol within the third quarter of the year.
MPTC chief finance officer Christopher C. Lizo said at a recent press chat that the company and its partner was Jasa Marga’s preferred bidder. As such, the contract is likely to be awarded by the end of the month.
“We are the preferred bidder and we are still negotiating with Jasa Marga. Hopefully, we will close the negotiation (within) the month and be awarded by the end of May and close the investment by July or August,” Lizo said.
Consortium
MPTC tapped a consortium led by Singapore’s GIC to bid for a 35 percent stake in Jasamarga Transjawa Tol, which oversees toll road networks across Central Java, West Java and East Java.
Initially, MPTC estimated that its investments in the Indonesian toll project could reach as much as $600 million or roughly P34.63 billion at current rates.
The Trans Java Toll Road, which spans over 676 kilometers, constitutes 56 percent of the cumulative length of toll roads owned by the Jasa Marga Group. This vital infrastructure accommodates a substantial traffic volume of approximately 900,000 vehicles.
MPTC had also started discussion with Ramon S. Ang’s San Miguel Corp. (SMC) for the proposed merger of their toll road business aimed at further easing gridlock in areas where they operate.
The proposed asset consolidation was previously reported to include MPIC Indonesian assets.
Pangilinan’s MPIC owns 99.9 percent of Metro Pacific Tollways Corp., or MPTC, which holds the concession rights for the Cavite-Laguna Expressway, Cavite Expressway, North Luzon Expressway, NLEX Connector Road, Subic-Clark-Tarlac Expressway, and the Cebu-Cordova Link Expressway in Cebu.
MPTC, through Metro Pacific Tollways Asia, also has a significant stake in two major infrastructure companies in the Pan-ASEAN region: a 76.31 percent share in PT Nusantara Infrastructure in Indonesia and a 44.9 percent share in CII Bridges & Roads of Vietnam.
