RSA, MVP agree to include Indonesian assets in tollways merger
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The Indonesian assets of Metro Pacific Tollways Corp. (MPTC) will be included in its potential merger with San Miguel Corp. (SMC) set to be signed within the second half of the year, the company’s chairman Manuel V. Pangilinan said Tuesday.
In an interview on the sidelines of a Memorandum of Understanding (MOU) signing in Makati City, Pangilinan said the MPTC and SMC, led by Ramon Ang, have decided to include the Indonesian assets —reported to be at $1 billion— in the merger talks.
“Yes, they are,” when asked if such assets will be included in the merger, as he said the signing is expected within the second half.
“I think we will sign our agreement within the year, definitely, in the next few months, but it’s subject to government approval, so hopefully within the year, towards the end of the year,” he told reporters in Makati City.
The tollway firm is the operator of the North Luzon Expressway (NLEX), the Subic-Clark-Tarlac Expressway (SCTEX), the Manila-Cavite Toll Expressway (CAVITEX), the Cavite-Laguna Expressway (CALAX), and the Cebu-Cordova Link Expressway (CCLEX), and the NLEX Connector.
SMC Tollways, meanwhile, operates the South Luzon Expressway, the Skyway Stage 3, the Southern Tagalog Arterial Road (STAR), the NAIA Expressway, and the Tarlac-Pangasinan-La Union Expressway (TPLEX).
In the same interview, Pangilinan said SP New Energy Corp. (SPNEC), another unit of Metro Investments Corp. (MPIC), is now in talks with five foreign players for a possible stake in Terra Solar Philippines.
Pangilinan said the firm would welcome two investors at most with a 20% stake each, equivalent to a 40% stake in the firm as it has land holdings. Under Philippine laws, only Filipino citizens or corporations with at least 60% of its capital stock owned by Filipinos can acquire land.
“Merong indicative numbers, pero it’s too early to tell anybody,” he said, adding that among the possible partners are purely equity investors, and those with technical knowhow. —VAL, GMA Integrated News
This article RSA, MVP agree to include Indonesian assets in tollways merger was originally published in GMA News Online.