go through Ashley Erika O. Jose, reporter
Mitsui & Co. Ltd. Have a precedentUrgent interest in buying subways Pacific Investment Company Manuel V. Pangilinan, chairman and CEO of MPIC, said the latter had a 20% stake in Metro Pacific Tollways Corp. (MPTC) before resuming merger negotiations with San Miguel Corp.
“We have to raise funds first, and once it is completed, we will recover [merger talks with San Miguel Corp.],” he told reporters on the sidelines of the in vitro Sta. Rosa data center in last week. “They (Mitsui) have converted half of their MPIC stock into MPTC’s stock. ”
Mr Pangilinan earlier said the sale of his toll was part of a plan to cut MPTC debt through private placement, aiming to increase pesos 30 billion.
The MPTC attempts to raise funds before resuming merger negotiations with San Miguel.
MPIC owns 99.9% of MPTC, and its debt accounts for the majority of MPIC's P6.499 billion short-term debt, a part of its long-term debt as of the end of 2024.
Last year, MPIC signed an agreement with MIT Pacific Infrastructure Holdings to obtain share buybacks and exchangeable bond issuance.
According to the transaction, MPIC will repurchase 4.58 million common shares owned by MIT-Pacific, equivalent to 7.3% of MPIC, reducing ownership of MIT Pacific's MPIC to 7.8%.
In addition, MPIC will issue 11.9 billion exchangeable bonds to MIT-Pacific, which can be converted into 1.5 million MPTC common stock.
If MIT-Pacific chooses to convert the bonds into MPTC shares, it will receive a 6.6% stake in MPTC and a board seat at Toll Company.
MIT-Pacific is Mitsui & Co. A joint venture between Ltd. and Japanese Overseas Infrastructure Investment Company.
MPTC means that the consistency has been completed Cavite-Batangas Expressway (CBEX, the company's project with San Miguel.
“My impression is that there has been a consensus. “The heads of partnership and consistency have reached a consensus and we should start working as soon as possible. ”
In 2023, MPTC signed a memorandum of agreement with San Miguel to establish and operate the CBEX and Nasugbu-Bauan Expressway (NBEX) projects with a combined value of P7.2 billion.
According to the deal, the parties will develop a nearly 80 km toll road that will link MPTC's Cavite-Laguna Expressway (Calax) to Bauan in Peta ang Petabang.
In 2018, MPTC was granted original support by the 50.4 km Cavite-Tagaytay-Batangas Expressway project by the Ministry of Public Works and Highways, and was approved by the Cavite and Batangas government by some parts of the Ministry of Public Works and Highways, some of which overlap with San Miguel's unsolicited recommendations for CBEX and NBEX, and approved by the Cavite and Batangas government.
MPIC with Philex Mining Corp. and PLDT, Inc. Together, it is one of the three major Filipino units of First Pacific Co. Ltd. in Hong Kong.
Mediaquest Holdings, Inc, a subsidiary of PLDT’s beneficial trust fund. Hastings Holdings, Inc. Own majority equity BusinessWorld The Philippine star cluster controlled by it.
