MPIC eyes substantial stake in Skyway builder
abs-cbnNEWS.com | 04/06/2009 3:24 PM
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The Manuel V. Pangilinan-led Metro Pacific Investments Corp. (MPIC) is eyeing a substantial stake in the contract builder of the Metro Manila Skyway System.
Pangilinan, MPIC's chairman, said they are in talks to increase substantially their interest in Citra Metro Manila Tollways Corp. (CMMTC) which is currently at five percent.
"We will just announce if a definitive agreement is signed. CMMTC's project complements the south luzon expressway (SLEX) and what we have in the north," he said.
Pangilinan did not say how much MPIC would inject into CMMTC but noted they may need to raise funds for the investment.
Despite MPIC's plan to beef up its stake in CMMTC, Pangilinan said PT Citra Marga of Indonesia and the Philippine National Construction Corp., which holds the 30-year Skyway concession, will remain as important stockholders of the company.
CMMTC is set to implement the Skyway Stage 2 project, which will extend the existing Skyway from Bicutan to Alabang in Muntinlupa City at a cost of roughly P10 billion ($192 billion). This will be done under the build-operate-transfer framework.
Apart from investing in CMMTC, MPIC is also interested to take part in the Coastal Toll Road project.
Earlier, MPIC, through unit Metro Pacific Tollways Corp. (MPTC), launched P38.1 billion worth of road projects in North Luzon.
MPTC has started the construction of the 2.7-kilometer Segment 8.1 road that will link Mindanao Avenue in Quezon City to the North Luzon Expressway (NLEX). This will be completed on or before April 30, 2010 to ease the flow of traffic on the Edsa-Balintawak route going to NLEX.
In the pipeline are Segment 9 and 10, which will connect NLEX to MacArthur Highway in Valenzuela and Port Area in Manila; NLEX-SLEX connector road expressway from C3 road in Caloocan to Buendia Avenue in Makati; and Skyway stage 2 from Bicutan to Alabang.
