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MPTC acquires 2 Malaysian firms

 

METRO Pacific Tollways Corp. (MPTC) has purchased two Malaysia-based investment holding companies for $67 million (about 3.44 billion), a move that made it the indirect owner of an Indonesian toll operator.

In a filing on Tuesday, the tollway arm of Pangilinan-led Metro Pacific Investments Corp. said it had acquire a 100-percent equity interest — or a combined 2.12-million shares — in CIIF
Infrastructure Holdings Sdn Bhd (CIIF) and CAIF III Infrastructure Holdings Sdn Bhd (CAIF III) through its Singaporean unit Metro Pacific Tollways Sia Corp. Pte. Ltd.

As a result of the acquisition, MPTC, through its unit PT Metro Pacific Tollways Indonesia, is now the majority owner of Indonesian toll operator PT Margautama Nusantara (MUN), in which CIIF and CAIF III have a 20-percent and 4.98-percent stake, respectively.


“This indirect acquisition of equity interest in MUN through CIIF and CAIF III will be in addition to the existing indirect equity interest of MPTC in MUN through PT Metro Pacific Tollways
Indonesia [MPTC’s wholly-owned Indonesian subsidiary], which holds an equity interest of 75.89 percent of PT Nusantara Infrastructure Tbk, which then holds 74.98 percent equity interest in MUN,” MPIC explained in the filing.

This business expansion could “enhance profitability and strengthen the balance sheet of MPTC,” it said.

MPTC holds long-term concessions to operate the North Luzon Expressway, Subic Clark Tarlac Expressway and the Cavite Expressway.

It also secured concessions to build and run the Cavite Laguna Expressway, the Cebu Cordova Link Expressway and the NLEX Connector Road.

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Today’s Front Page February 28, 2020

Today’s Front Page February 28, 2020