Conglomerate Ayala Corp. said Friday it is selling its entire stake in the company that operates the Muntinlupa-Cavite Expressway project to the Villar group for P3.8 billion.
Ayala Corp. said in a disclosure to the stock exchange it signed an investment agreement with Prime Asset Ventures Inc. of the Villar Group for the sale its 100-percent ownership in MCX Project Company Inc.
MCX Expressway is a 4-kilometer controlled-access toll road linking the southern part of Cavite and Muntinlupa.
The deal is subject to the consent of the project’s grantor, the Department of Public Works and Highways.
“The sale of MCXPCI is aligned with Ayala’s strategic priority to realize value from certain non-core assets and sharpen its focus on the continued expansion of its core businesses in real estate, banking, telecommunications, and power and scaling up its emerging businesses in healthcare and logistics,” Ayala Corp said.
The transaction also supports the conglomerate’s target to raise $1 billion from value realization initiatives by 2023, which is executed through a combination of strategic partnerships and divestment of certain non-core assets.
The proceeds will be used to fund future investments and strengthen the company’s balance sheet.