METRO Pacific Investments Corp. (MPIC) is reviving its plans to sell 20 percent of its stake in Metro Pacific Tollways Corp. (MPTC), the company said.
David Nicols, Chief Finance Officer of MPIC said the company is still pursuing plans to sell MPIC’s 20-percent stake in MPTC.
“Yes, I think we have to look at the timing of this. There are plenty of people interested,” Nicols told reporters.
MPIC recently topped bids for the P35.4-billion Cavite-Laguna Expressway (Calax) under the public-private partnership (PPP) program of the government, and is eyeing four more PPP projects.
MPIC said it may borrow P20 billion from bank sources after it receives the award for the Calax project.
Currently, MPIC has three PPP projects in its pipeline: the Calax project; the Light Rail Transit (LRT) Line 1 expansion project; and the Automated Fare Collection System for the ticketing systems of LRT and Metro Rail Transit (MRT) Line 3. MPIC is carrying out the latter two projects in partnership with the Ayala Group.
MPTC is the parent company of Manila North Tollway Corp. (MNTC) and is a subsidiary of conglomerate MPIC, which is led by tycoon Manuel Pangilinan.
MPIC owns 99.8 percent of Metro Pacific Tollways Corp. (MPTC), which, in turn, owns 71 percent of Manila North Tollways Corp. (MNTC).