METRO PACIFIC Tollways Corp. (MPTC) has acquired the government’s 2.61% stake in NLEX Corp. for P2.5 billion, increasing its total ownership of the toll road to 73.39%, the company announced on Monday.
This acquisition aligns with the government’s strategy to divest assets for revenue generation, MPTC said in a statement.
“We recognize that we, too, are in public service under a private entity. Our commitment is to provide efficient, safe, and convenient travel to our motoring public, as well as connect people and transform communities,” MPTC President and Chief Executive Officer Rogelio L. Singson said.
According to NLEX Corp.’s website, MPTC, through MPT North Corp., owns 70.78% of NLEX; BDO Unibank, Inc. holds 11.7%; Global Fund Holdings has 3.9%; Egis Investments Partners Philippines, Inc. has 10.16%; and the government holds 3.46%.
In June, the Department of Finance announced plans to dispose of P2.5 billion worth of assets, including the government’s 3.46% stake in NLEX Corp., which is part of MPTC.
The transaction was finalized on Friday, Aug. 2, MPTC said, adding that this move would not only support the government’s effort to secure funds but also affirm the company’s commitment to providing a safer and more efficient road network.
Aside from NLEX, the government, through the Bases Conversion and Development Authority, had previously indicated its willingness to sell its 50% stake in the Subic-Clark-Tarlac Expressway to MPTC for at least P20 billion.
MPTC is the tollways unit of Metro Pacific Investments Corp., one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT Inc.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose
