Conglomerates finalizing JV

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San Miguel Corp. (SMC) and Metro Pacific Investments Corp. (MPIC) will soon finalize in the next few months their plan to form a joint company that would seamlessly operate their tollways system in Luzon.

“In the tollways, he (MPIC chairman Manual Pangilinan) said let’s combine it so that there will be no traffic all over Luzon, Metro Manila. So, we will finalize this very soon. Maybe in the next few months,” said

Ramon Ang, SMC president and chief executive officer.

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SMC operates the Tarlac-Pangasinan-La Union Expressway, South Luzon Expressway, STAR Tollway, Skyway and the Ninoy Aquino International Airport Expressway.

MPIC, through unit Metro Pacific Tollways Corp., operates the North Luzon Expressway (NLEX), Subic-Clark-Tarlac Expressway, Manila-Cavite Expressway, Cavite-Laguna Expressway, (Calax), NLEX Connector and the Cebu-Cordova Link Expressway.

MPIC also has tollways businesses in Indonesia and Vietnam.

Ang expressed optimism about the tollways in Indonesia given its promising economy with a $1.7 trillion gross domestic product. But he has yet to agree if the operation in Indonesia will be included in the deal.

“I think it should be good, the Indonesian tollway but…I don’t know the details yet. We can’t agree if we don’t know,” Ang said.

The joint venture company will be listed in the stock exchange.

The partnership between the two firms began when they agreed to jointly construct, operate and maintain the 88-kilometer Cavite-Batangas Expressway (CBEX) and Nasugbu-Bauan Expressway (NBEX).

The 27.06-km CBEX will establish a crucial link connecting Calax Silang (Aguinaldo) Interchange to Nasugbu, Batangas. The 60.90-km NBEX will provide seamless connectivity from Nasugbu to Bauan, Batangas.

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