Metro Pacific Tollways Corp. (MPTC) is considering selling new shares in the company to raise between P30 billion and P50 billion, its chairman Manuel Pangilinan said yesterday.
Speaking on the sidelines of the Management Association of the Philippines’ (MAP) meeting in Taguig City, Pangilinan said the company is looking to raise funds through a private placement, which will be used to pay off maturing obligations.
Pangilinan did not provide details, but said the fundraising will be done through the issue of new shares in the company, a wholly owned unit of Metro Pacific Investments Corp., which he also heads as chairman.
In November, MPTC said it was investing P80 billion in the construction of a 21.6-kilometer elevated expressway in Indonesia through subsidiary PT Metro Pacific Tollways Indonesia Services.
MPTC, an unlisted tollways operator, had total assets of P274.56 billion as of end-2023, with liabilities of P195.16 billion, the company’s financial statement (FS) for the year showed.
Of the amount, the company had current liabilities of P48.45 billion.
The FS also showed MPTC had P25.2 billion worth of a maturing portion of its P123.54-billion outstanding long term-debt as of end 2023.
In the Philippines, MPTC operates the North Luzon Expressway, Subic-Clark-Tarlac Expressway, the NLEX connector road, Cavite-Laguna Expressway, Manila-Cavite Expressway and the Cebu Cordova Link Expressway.
It also operates tollways in Vietnam and in Indonesia.