Metro Pacific Tollways Corp. (MPTC), owned by Metro Pacific Investments Corp., is in discussions to merge its toll road assets with those of San Miguel Corp. However, progress has slowed as both parties delve into how to value their sprawling road networks.
“Hopefully, we can complete talks within the year or next year,” Pangilinan told reporters during the induction of the Management Association of the Philippines’ new board of governors on Wednesday.
MPTC’s domestic road network includes the North Luzon Expressway, Subic Clark Tarlac Expressway, and Cavite Laguna Expressway. It also owns a minority stake in Indonesia’s 676-kilometer Jasamarga Transjawa Tol, a key expressway serving 850,000 vehicles daily across Java Island.
SMC's road portfolio includes the South Luzon Expressway, Skyway system, and Tarlac Pangasinan La Union Expressway.
Meanwhile, Pangilinan said the group plans to issue new shares in MPTC to raise P30 billion to P50 billion. This move will also dilute Metro Pacific’s ownership in the toll road division.
“We’re focused on first completing the fundraising for MPTC,” Pangilinan said.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
