Metro Pacific, through expressway arm Metro Pacific Tollways (MPTC), sealed an agreement to purchase the Philippine government’s shares in NLEx, a 100-kilometer toll road that connects Manila to provinces such as Bulacan, Pampanga, and Tarlac.
Consolidating ownership
Rogelio Singson, the CEO of MPTC, said on Thursday they acquired an additional 2.9 percent in the toll road after the government agreed to unload its 3.46 percent, as reported by the Inquirer.
This increased MPTC’s NLEx holdings to almost 73.7 percent.
Singson said the remainder was split among NLEx’s other minority stockholders, which include the Sy family-led BDO Unibank, Egis Investment Partners, and Global Fund Holdings.
SCTEx deal to take time
MPTC is also eager to purchase the government’s 50 percent stake in the 94-km Subic-Clark-Tarlac Expressway (SCTEx), but Singson doesn’t expect the deal to be finalized in 2024.
The SCTEx deal is “under evaluation and discussions” along with the Bases Conversion and Development Authority in the Department of Finance, Singson said.
“SCTEx will not happen this year,” he added.
Local opportunities after Java railway
Those negotiations continue as MPTC prepares to complete the $1 billion investment for a 24.5 percent stake in the Jasamarga Transjawa Tol (JTT) investment in Indonesia.
Stretching 676 kilometers, this expressway is a vital artery for Indonesia, handling 850,000 vehicles daily across Java Island.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
