METRO Pacific Tollways Development Corp. (MPTDC) has bought additional shares in Tollways Management Corp. (TMC), raising its stake to 60 percent in the North Luzon Expressway (NLEX) operator as a part of the group’s aim to leverage on the toll road business.
In a disclosure to the Philippine Stock Exchange on Thursday, Metro Pacific Investment Corp. (MPIC) said MPTDC acquired on Wednesday 53,200 common shares of TMC from Egis Road Operation S.A., representing 14 percent stake in TMC.
At P16,628.95 per share , the total transaction price was pegged at P884.66 million.
As a result, MPTDC’s shareholdings in TMC went up to 228,000 shares or 60 percent from 174,800 shares or 46 percent.
Incorporated in 2000, TMC operates and maintains the NLEX and the Subic-Clark-Tarlac Expressway (SCTEX), its facilities, interchanges and related works.
Egis Road is an affiliate of Egis Investments Partners Philippines Inc. – one of the shareholders of Manila North Tollways Corp. (MNTC), and is also a subsidiary of MPIC.
MPTDC is a wholly owned subsidiary of Metro Pacific Tollways Corp. (MPTC), a unit of MPIC.
MPIC—through MPTC—is one of the largest toll road operators in the Philippines, with exposures in CII B&R in Vietnam and Don Muang Tollway Public Company Ltd. in Thailand.