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Infrastructure conglomerate Metro Pacific Investments Corp. (MPIC) is “down to the short strokes” of selling a 20 percent stake in its tollways unit, Metro Pacific Tollways Corp. (MPTC), with a deal expected to close within the next two months.
In a chance interview Wednesday, MPIC chairman, president and CEO Manuel V. Pangilinan confirmed that the company had narrowed its list of suitors to a single foreign investor and was finalizing the transaction.
“We’re raising… several billions. This is a private placement,” Pangilinan said, adding that the deal would not affect a potential public listing for MPTC.
While he did not disclose the exact amount, Pangilinan said proceeds would primarily be used to reduce MPTC’s debt.
Despite the sale, MPIC intends to maintain control of its tollways unit.
“No, not anymore,” the tycoon said when asked if the company planned to sell more shares beyond the 20 percent stake.
MPIC currently owns 99.9 percent of MPTC, which operates key toll roads, including the Cavite-Laguna Expressway, Cavite Expressway, North Luzon Expressway, NLEX Connector Road, Subic-Clark-Tarlac Expressway, and Cebu-Cordova Link Expressway.
Through Metro Pacific Tollways Asia, the company also has a significant presence in Indonesia’s PT Nusantara Infrastructure and Vietnam’s CII Bridges & Roads.
To recall, Pangilinan previously confirmed earlier this month that talks with San Miguel Corp. (SMC) over their tollway merger were paused to prioritize securing fresh equity. However, Pangilinan reassured that the merger remains on track and could still be finalized within the year.
MPIC and SMC agreed to merge their toll road businesses to enhance efficiency and alleviate congestion.
