DMCI Holdings Inc. and its unit DM Consuji Inc. (DMCI) have sold their 25.11 percent stake in Private Infra Dev Corp. (PIDC), operator of the P19-billionTarlac-Pangasinan-La Union Expressway (TPLEX), to San Miguel Corp. (SMC) subsidiary Rapid Thoroughfares Inc. for P1.83 billion cash.
The companies informed the Philippine Stock Exchange that DMCI Holdings’ 24.29 percent stake was sold for P1.76 billion and the balance for P69.84 million.
The sale is still subject to the consent of the Toll Regulatory Board and the Department of Public Works and Highways, pursuant to the Toll Concession Agreement.
PIDC is an all-Filipino consortium led by Rapid Thoroughfares Inc., DMCI Group and D.M. Wenceslao & Associates Inc., which is the concessionaire of the TPLEX project under the public-private partnership (PPP) scheme.
The TPLEX project involves a two-lane expressway stretching 88.58 kilometers and traversing from La Paz, Tarlac to Rosario, La Union. It is set under build-operate-transfer (BOT) contract between the government—DPWH and TRB—and PIDC.
Phase 1 of TPLEX is seen to be completed in five years. Once the P19-billion project is completed, it will significantly reduce the current travel time from Manila to Baguio.