MPIC takes full ownership of Indonesian firm for P3.4B

Metro Pacific Investments Corp. (MPIC) has taken full control of an Indonesian toll road firm for a transaction worth P3.44 billion.

In a regulatory filing on Tuesday, MPIC said its subsidiary Metro Pacific Tollways Corp. (MPTC), acquired more than 2.12 million shares in two Malaysian companies — CIIF Infrastructure Holdings Sdn Bhd (CIIF) and CAIF III Infrastructure Holdings Sdn Bhd (CAIF III).

MPIC said the shares comprised of four ordinary shares, while the rest were preferred shares. Ordinary shares were bought at $6.35 million per share, while the preferred shares were priced at $24.19 apiece.

Overall, the shares were equivalent to a 100-percent stake in the two firms and effectively made MPIC an indirect owner of a 24.98 percent stake in PT Margautama Nusantara, which owns and operates toll roads in Indonesia.

CIIF holds a 20-percent stake in PT Margautama while another 4.98 percent is being held by CAIF.

Apart from thee 24.98-percent additional ownership, MPIC has a prior 74.98 percent stake in PT Margautama, through its Indonesian subsidiary PT Metro Pacific Tollways Indonesia.

“The resulting total equity interest of MPTC in MUN after the transaction will be 100 percent,” MPIC said.

Apart from MPTC, the MPIC group also has interests in water through Maynilad Water Services Inc.; power through Manila Electric Co. or Meralco; hospitals through Metro Pacific Hospital Holdings Inc.; railways through Light Rail Manila Corp.; and logistics through MetroPac Movers Inc.