Metro Pacific Tollways Corp. has raised its stake in an Indonesian infrastructure company to over 77 percent after completing a mandatory tender offer.
Metro Pacific Investments Corp. said in a disclosure to the Philippine Stock Exchange unit PT Metro Pacific Tollways Indonesia acquired an additional 22.68 percent shares in PT Nusantara as a result of the mandatory tender offer. The transaction was valued at P2.86 billion.
As a result of the mandatory tender offer, PT MPTI now owns a total of 77.94 percent of the outstanding capital stock of PT Nusantara on a fully diluted basis from 53.26 percent.
The settlement date for the mandatory tender offer was on September 10, 2018.
PT Nusantara’s infrastructure portfolio in Indonesia includes toll roads, ports, energy and water projects. It holds the concession of Jakarta Outer Ring W1 section of Kebon Jeruk-Penjaringan, BSD Toll road section of Pondok Aren-Serpong, BMN toll road Makassar for Soekarno Hatta Seaport-Pettarni and JTSE toll road for Tallo-Hasanuddin Airport toll section.
PT Nusantara provides services to over 103 million customers, 550,000 households, 103 million vehicles, more than 210 vessels and connecting millions of people through communications.
The MPIC Group operates the North Luzon Expressway, Subic-Tarlac Expressway and Manila-Cavite Toll Expressway.
The group is also building the P26-billion Cebu-Cordova Link Expressway project, an 8.25-km bridge that will connect Cebu City to Mactan Island via Cordova. The project is expected to be completed by 2020.
MPTC is building the NLEx-SLEx Connector Road, an eight-kilometer, four-lane toll road linking the North Luzon Expressway and South Luzon Expressway, passing through Metro Manila and using the existing Philippine National Railway alignment as the route.
The company also secured an original proponent status from the Public Works Department for the P22.4 billion Cavite-Tagaytay-Batangas Expressway project.
CTBex is a 50.4-kilometer expressway that will connect Cavite and Batangas, with a spur road to Tagaytay City and ultimately terminating in Nasugbu, with another spur road to Tuy, Batangas.