Metro Pacific hikes Manila tollway stake in PHP1.42B deal

By VCPOST Staff Reporter

Jan 13, 2014 03:32 AM EST

Metro Pacific Tollways Development Corporation (MPTDC) bought a further stake in the Manila North Tollways Corporation (MNTC) for PHP1.42 billion. The purchase increased the firm's present holding in the tollway to 71%, according to Rappler.

Based on a January 13 disclosure to the Philippine Stock Exchange, the MPTDC has picked up the 3.9% interest of French tollway operator Egis Project SA in the MNTC. MPTDC said the transaction was completed on January 10, the report detailed.

The said disclosure read: "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."

MPTDC is the infrastructure unit of Metro Pacific Investments Corporation (MPIC), which is owned by Filipino business tycoon Manny Pangilinan. MPIC is currently the major stakeholder of the North Luzon Expressway (NLEx) concessionaire MNTC, the report explained.

Other shareholders of the MTDC include Australia's Leighton Asia Ltd and the state-run Philippine National Construction Corporation (PNCC), Rappler reported.

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