METRO Pacific Investments Corp. (MPIC) yesterday said it has entered into a definitive agreement to sell its 50 percent stake in Philippine Coastal Storage & Pipeline Corp. (PCSPC) to an affiliate of global infrastructure investor I Squared Capital (ISQ).
In tandem with MPIC, Singapore-listed Keppel Infrastructure Trust (KIT) has also entered into a definitive agreement to sell its stake, the other 50 percent, in PCSPC to ISQ.
MPIC said the transaction values PCSPC at an enterprise value of up to $510 million or P29.1 billion subject to fulfillment of various performance milestones.
MPIC said it intends to use its share of the proceeds to fuel the continued development of its core businesses, further reinforcing its position across key sectors of the Philippine economy.
PCSPC, located in the Subic Bay Freeport Zone, is the largest jet fuel, petroleum and sustainable fuels import terminal in the Philippines, with a storage capacity of over 6 million barrels ISQ is an independent global infrastructure investment manager with over $40 billion in assets under management.
“The acquisition of PCSPC has been pivotal in securing safe, reliable, and environmentally responsible fuel logistics for the Filipino market. Under our stewardship, PCSPC has grown into a leader in fuel storage and logistics, with a strong commitment to safety and sustainability. The decision to divest is in line with our long-term strategy to focus on sectors where we can create the greatest value for the Philippines. With its global expertise, we are confident that I Squared Capital will take PCSPC to the next level and ensure its continued contribution to the nation’s energy landscape,” said Manuel V. Pangilinan, MPIC chairman, president, and chief executive officer.
