MPIC selling Thai business

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    Metro Pacific Investments Corp.is selling its stake in its Thailand tollways business Don Muang Thailand (DMT).

    DMT holds the concession for a 21.9 -kilometer elevated toll road facility in Bangkok.

    Metro Pacific said units FPM Tollway (Thailand) Limited (FPM Tollway) and Metro Pacific Tollways Corp. (MPTC) has entered into a sale of their ownerships in AIF Toll Roads Holdings (Thailand) Co., Ltd. (AIF Toll Roads), which owns 29.45 percent of DMT.

    “MPTC has decided to take advantage of the increased interest from third parties to acquire MPTC’s entire shareholdings in DMT. The transaction will allow MPTC to realize a gain on its investment in DMT and benefit from the increased liquidity,” Metro Pacific said.

    “The proceeds from the sale will be used to fund MPTC’s other projects,” it added.

    Metro Pacific said the transaction covers 15.83 million shares of AIF Toll Roads at $9.428 per share, or equivalent to $149.25 million.

    Metro Pacific said the transaction will be “in cash on the closing of the transaction.”