The tollway unit of Metro Pacific Investments Corp. plans to secure an P8-billion credit line from local or foreign financial institution to support its infrastructure investments in the Philippines and Southeast Asia.
MPIC said in a disclosure to the Philippine Stock Exchange the board of Metro Pacific Tollways Corp. approved a resolution to form a special committee, which consists of five directors to study potential toll road and other infrastructure investments in the Philippines and Southeast Asia, in addition to its existing toll road projects.
MPTC also authorized the committee to negotiate the terms and conditions of any potential investments and appoint the authorized representatives of MPTC to sign, execute and deliver any agreements, documents and instruments relating to the potential investments.
“The MPTC board likewise authorized the company to secure a credit line or standby letter of credit of up to P8 billion from any local or international financial institution to support such potential investments,” MPIC said.
MPTC was looking for a possible toll road investment in Malaysia and Indonesia.
MPIC has a 29.45-percent stake in Don Muang Tollway Public Company Limited, a major toll road operator in Bangkok, Thailand.
The concession to operate a 21.9-kilometer, six-lane elevated toll road from central Bangkok to Don Muang International Airport and further to the National Monument, north of Bangkok in Thailand runs until 2034
MPTC also owns a 44.9-percent interest in CII Bridges and Roads, which has various road and bridge projects in and around Ho Chi Minh City.
Its current portfolio includes 68.1 kilometers of roads used by 47,000 vehicles per day and roads under pre- or on-going construction covering a total of 53 kilometers.
MPIC Group operates the North Luzon Expressway, Subic-Clark-Tarlac Expressway and Manila-Cavite Toll Expressway.