METRO Pacific Tollways Corp. (MPTC) sees the conclusion of the talks on the company’s merger with San Miguel Corp.’s tollways business to extend to next year as the two parties firm up the merged company’s valuation.
Rogelio Singson, MPTC president, said an advisor is determining the valuation.
“We hope to get better numbers and hopefully come into an agreement as to the merger valuation,” Singson told reporters on the sidelines of a company briefing recently.
Singson expressed hope the deal could be concluded by the first quarter of next year.
“If it’s just the valuation, that should be by the end of this year, and then we decide on how to move forward,” Singson added.
Metro Pacific Investments Corp., mother company of MPTC, and San Miguel started discussing the potential merger of their tollways business last year after the successful joint venture for the P72-billion design, build and operate contract for the 87.96-kilometer Cavite-Batangas Expressway (CBEX) and Nasugbu-Bauan Expressway (NBEX).
In July, MPTC sealed the acquisition of 35 percent stake in Jasamarga Transjawa Tol, the largest toll operator in Indonesia, which will be a major component of the merger.
MPTC operates the North Luzon Expressway (NLEX), Subic-Clark-Tarlac Expressway, NLEX Connector Road, Cavite-Laguna Expressway, C5 Link, Manila-Cavite Expressway and the Cebu-Cordova Bridge.
MPTC, through Metro Pacific Tollways Asia, has significant stake in two major infrastructure companies in the Pan-Asean region: a 76.3 percent share in PT Nusantara Infrastructure in Indonesia and a 44.9 percent share in CII Bridges & Roads of Vietnam.
San Miguel’s tollroad business, meanwhile, covers the Tarlac-Pangasinan-La Union Expressway, Southern Tagalog Arterial Road, South Luzon Expressway, Metro Manila Skyway System and the NAIA Expressway.
