Villar-led Prime Asset Ventures Inc. (PAVI) said it signed yesterday the implementing agreements for the acquisition of the four-kilometer Muntinlupa Cavite Expressway (MCX) from Ayala Corp.
The Villar Group earlier said it is acquiring the tollway business for P3.8 billion through its operating arm MCX Project Company, Inc. (MCXPCI).
MCXPCI is the special purpose corporation that holds the concession assets, rights and obligations under the Muntinlupa-Cavite Expressway (MCX) project concession agreement (MCX CA).
Signing the agreement, held at Brittany Hotel in Bonifacio Global City, were Vista Land chairman Manuel Villar, Jr. and Ayala Corp. president and chief executive officer Cezar Consing.
“This momentous event shows our resolve to provide our countrymen better services in the area of roads and toll ways. You’ll be surprised of the many wonderful things to come in Villar City,” Villar said.
“Ayala developed MCX over a decade ago to connect Metro Manila to Imus, Dasmarinas and Bacoor in Cavite, which were experiencing rapid growth. MCX succeeded in relieving traffic congestion and reducing the travel time between Metro Manila and Cavite. The sale of MCX represents another example of our recycling capital to benefit from opportunities in our core and emerging businesses,” Consing said.
The signing follows the approval by the Department of Public Works and Highways for the transfer of ownership to the Villar Group on July 19.
