Pangilinan group increases stake in NLEX operator

MANILA, Philippines – The Manuel Pangilinan-led Metro Pacific Tollways Development Corporation (MPTDC) acquired additional shares in the Manila North Tollways Corporation (MNTC), increasing the firm’s stake to 71%.

In a disclosure to the Philippine Stock Exchange on Monday, January 13, the MPTDC said it has acquired the 3.9 % stake of France-based tollway operator Egis Project SA in the MNTC for P1.42 billion.

The deal was concluded on Friday, January 10, MPTDC said.

“On 10 January 2014, Metro Pacific Tollways Development Corporation (MPTDC) entered into an agreement with Egis Projects SA to acquire additional 3.9% outstanding shares of Manila North Tollways Corporation,” the disclosure read.

MNTC is the concessionaire of the North Luzon Expressway (NLEx) which was previously owned by the Lopez group through its infrastructure arm, First Philippine Infrastructure Development Corporation (FPIDC).

MPTDC, the infrastructure arm of Metro Pacific Investments Corporation (MPIC), later purchased FPIDC, making MPIC the majority share-holder of the tollway concessionaire.

Other owners of the MTDC are Leighton Asia Ltd. of Australia, and the state-owned Philippine National Construction Corporation (PNCC), which holds the franchise for the operation of the expressway.

MTPDC president Rodrigo Franco earlier said that the firm would shell out as much as P4 billion for the expansion of the 90-kilometer NLEx  in a span of 2 to 3 years.

The funds, Franco said said, will be used to expand some sections of the expressway in Pampanga to decongest traffic.

The firm is also finalizing a joint venture with PNCC for the P23 billion toll road linking NLEx to South Luzon Expressway. – Rappler.com