Metro Pacific Investments Corp. (MPIC) chairman Manuel Pangilinan said the planned team up with business tycoon Ramon Ang for a new tollway company is targeted to be formed this year.
Pangilinan told reporters yesterday the joint venture is likely to be formed within the year as such business is “not too complex.”
“We are at the stage that we are exchanging information about our tollways. Looking good.
On combination, it will be a significant company in the Philippines with starting EBITDA (earnings before interest, taxes, depreciation and amortization) of around P50 billion. It is a significant company if you are to put two together,” Pangilinan said on the sidelines of Manila Electric Co.’s financial briefing in Pasig City.
MPIC will also discuss with Ang whether or not the former’s Indonesian assets will be involved in the partnership that is eyed to be listed at the Philippine Stock Exchange, Pangilinan added.
“With the commitment of both parties, I don’t see why we can’t do it within the year. We look forward to what regulatory approvals may be needed from Indonesia and the Philippines. We are simply exchanging information now so we will have an idea of the tollways,” Pangilinan said.
Last year, Ang announced his intentions to acquire equity stakes in MPIC.
Prior to the planned team up, MPIC and Ang have signed a P72-billion deal to build the Cavite-Batangas Expressway as well as the Nasugbu-Bauan Expressway.
