San Miguel, infra partner to raise up to $1-B for projects
MANILA, Philippines - San Miguel Corp. and its partner in Citra Metro Manila Tollways Corp. (CMMTC) plan to raise up to $1-billion capital through a public offer in the Philippines or a trust listing in Singapore for infrastructure projects.
San Miguel and Padma Funds LP will use the funds to finance toll road projects in the Philippines and Indonesia, said Shadik Wahono, CEO of CMMTC.
Wahono said the consortium is in the late stage of discussions to acquire control of the operator of the 42-kilometer Star Tollway in Batangas province. It is also hoping to develop 5 road projects that are up for bidding in the Philippines.
In Indonesia, the consortium is in talks to hike its stake in Padma's unit Citra Marga Nuphasala, which operates 70 kilometers of toll roads in Jakarta and Surabaya.
The consortium's expansion is in line with its goal to become “the largest stakeholder in Southeast Asia's tollroad sector,” it said in a statement.
Aside from Citra, which operates the 30-kilometer Skyway, San Miguel and Padma own shares in South Luzon Tollway Corp., the holder of the 36-kilometer South Luzon Expressway concession.
Padma is a private equity fund managed by Cayman Island-based Parallax Capital Management, whose managed assets total $750 million. - Rappler.com