Skyway owners raise P2.5-B for expansion project
abs-cbnNEWS.com | 07/02/2009 7:00 PM
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MANILA - The existing Indonesian and Dutch shareholders of Citra Metro Manila Tollways Corp. (CMMTC), the operator of the Skyway road project, are subscribing to the consortium's proposed P2.5 billion fund raising for its expansion.
CMMTC is set to undertake the “Skyway 2” project, which involved the extension of an existing 10-kilometer stretch from Makati City to Bicutan by another 7 kilometers to Alabang.
The road expansion project is expected to cost around P10 billion. Of this, the P2.5 billion will be shouldered by 2 existing shareholders, Indonesian firm P.T. Matrasarana Arsitama and MSM Asia Netherlands B.V. through capital infusion. CMMTC filed documents with the Securities and Exchange Commission to increase its authorized capital stock to P9 billion from P6.5 billion.
CMMTC's filings showed that the Indonesian and Dutch firms are subscribing P1.92 billion and P523 million worth of shares, respectively.
P.T. Matrasarana is affiliated with other Suharto-related firms that are also major CMMTC shareholders, namely, P.T. Citra Lamtoro Gung Persada, P.T. Citra Marga Nusaphala Persada. Their Filipino partners include state-owned Philippine National Construction Corp. and private firms Metro Strategic Alliance Holdings Inc., Avenue Asia Special Situation Fund III LP and Strategic Alliance Development Corp.
Metro Pacific Investments Corp. (MPIC), the local unit of Hong Kong-based conglomerate First Pacific Co. Ltd., earlier expressed interest in acquiring up to 30 percent stake in CMMTC. It currently has 5 percent stake in the Skyway operator.
MPIC chairman Manuel V. Pangilinan told reporters in April that talks with Indonesian firm Citra Marga are in the advanced stages, although the final structure of the acquisition are yet to be finalized.
Aside from the elevated highway, MPIC currently has stake in North Luzon Expressway.
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