Metro Pacific Tollways Corp. (MPTC) and SMC Tollways Corp. are expected to resume partnership talks about their respective expressway businesses once Metro Pacific Tollways completes raising P30 billion to P40 billion within the first half of 2025.
“We deferred discussions with them (SMC Infrastructure) because MPTC is raising money to reduce debts,” Manuel Pangilinan, chairman of Metro Pacific Tollways, said in a chance interview over the weekend.
“It’s anywhere between P30 and P40 billion. It’s mainly for reducing debts. It’s all new money, so MPIC is not selling down. We will use the proceeds to reduce debts,” he added.
“We have significant debts … As we achieve (securing the money) in the next two to three months then we can resume discussions,” said Pangilinan, who is also chairman of MPTC parent Metro Pacific Investments Corp. (MPIC).
Talks between MPTC and SMC Infrastructure began in August 2023, after the tollway operators signed an agreement to build the Cavite-Batangas Expressway (CBEX) and Nasugbu-Bauan Expressway (NBEX). Both projects had a combined estimated cost of P72 billion.
Pangilinan said the merger discussions will happen before the year is out. “I think we can do it within the year.”
Metro Pacific Investments’ tollways unit had P25.2 billion in maturing debts as of end 2023, a portion of its P123.54 billion outstanding long-term loans.
