Metro Pacific Tollways Corp. (MPTC) on Monday signed definitive agreements to purchase significant minority stake in On-Us Solutions Inc. which owns Byahe, a modernized jeepney operator (MPUJ).
The investment will be made through MPT Mobility Corp., MPTC’s unit for mobility services.
The fresh equity will be used to finance expansion of its current Euro-IV compliant fleet, procurement of new state-of-the-art electric jeepneys, and expansion of its route network.
Byahe plans to expand its fleet to 200 jeepneys in the near term and to 500 jeepneys across 20 to 30 routes over the next two to three years.
Co-founded in 2018 by Enrique Gonzalez, chief executive officer (CEO) of IP Ventures Inc., and Brian Cu, ex-CEO of Grab Philippines in 2018, Byahe currently manages a fleet of 30 modernized jeepneys, all of which are Euro-IV compliant, that ply over 8 routes across in the National Capital Region and other parts of Luzon.
The investment is seen as a big push in the government’s PUV Modernization program.
