MVP-led firm eyes Vietnam deals
MANILA, Philippines - Infrastructure conglomerate Metro Pacific Investments Corp. (MPIC) confirmed it is eyeing infrastructure, water, energy, hospital and consumer products deals in Vietnam.
In a statement to the stock exchange on Monday, October 22, MPIC confirmed that there are ongoing efforts to search and seal deals in the Asian neighbor.
"We confirm that MPTC is currently looking at toll road opportunities in Vietnam," the Metro Pacific Tollways Corp (MPTC), a unit of MPIC and led by businessman Manuel V. Pangilinan (MVP) said in the statement.
MPTC's statement follows a report by BusinessWorld that an investment team led by MPTC CEO Ramoncito S. Fernandez and other representatives of MPIC's Hong Kong-based parent firm First Pacific Co. Ltd. has just arrived from a 3-day visit to Vietnam.
Vietnam has been a favorite destination of foreign investors after its communist leaders opened up its economy, resulting in healthy growth rates.
MPTC is the operator of various tollway operations in Luzon, including North Luzon Expressway (NLEx), which connect the Philippine capital to northern regions.
Bulk of First Pacific's businesses are currently based in the Philippines. Aside from MPIC, it also controls telecommunications giant Philippine Long Distance Telephone Co. (PLDT) and gold and copper producer Philex Mining Corp. The Hong Kong-based conglomerate's business portfolio also includes Indofood, the Indonesia-based food group. - Rappler.com