METRO Pacific Investments Corp. (MPIC) said on Monday that its toll road arm, Metro Pacific Tollways Corp. (MPTC), had agreed to acquire 6.6 billion shares in an Indonesian infrastructure holding company for $132 million.
In a disclosure to the Philippine Stock Exchange, MPIC said MPTC had arrived at an agreement with PT Matahari Kapital Indonesia (PT Matahari) to acquire about 6.6 billion shares of PT Matahari in infrastructure holding company PT Nusantra. The shares are worth an estimated $132 million.
“MPTC will support the existing management of PT Nusantara by sharing our brand of service and helping the Indonesian firm realize its growth potential, especially in the toll road sector,” MPTC President and Chief Executive Officer Rodrigo Franco said in the disclosure.
According to MPTC, the acquisition will add indirectly to its holdings, through its wholly-owned subsidiary MPT Asia Corporation (MPT Asia) and the latter’s Indonesian subsidiary, PT Metro Pacific Tollways Indonesia (PT MPTI), of about 42.25 percent of the total capital stock of PT Nusantara on a fully-diluted basis.
Together with PT MPTI’s earlier share acquisitions, PT MPTI will now hold a total of about 47.08 percent of the total issued capital stock of PT Nusantara on a fully-diluted basis, the company said.
“MPTC will bring to the burgeoning Indonesian economy its competence and commitment to provide the finest in expressway construction and customer service,” Franco said.
PT Nusantra currently operates a total of 34.47 kilometers in toll roads in four places connecting an airport, a seaport and business districts.
MPTC plans to expand its toll operations in the Visayas and other parts of the Philippines as well as in neighboring countries particularly Thailand, Vietnam and Indonesia.