DMCI to sell TPLEX stake to San Miguel for P1.827-B

The Consunji Group is selling its interest in the concessionaire operating the 88.5-kilometer Tarlac-Pangasinan-La Union Expressway (TPLEX) to diversified conglomerate San Miguel Corp. for P1.827 billion.

 

"San Miguel wanted to own all and offered a fair price," DMCI Holdings Inc. president Isidro Consunji told GMA News Online when asked for the rationale behind the divestment.

 

DMCI Holdings and its wholly-owned subsidiary DM Consunji Inc., agreed to sell their respective shares in Private Infra Dev Corp. (PIDC) to Rapid Thoroughfares Inc., holding firm said in a disclosure to the Philippine Stock Exchange Monday.

 

PIDC owns the concession for TPLEX. San Miguel's unit Rapid Thorougfares controls 45 percent of PIDC.

 

DMCI Holdings has a 24.29 percent interest in PIDC while DM Consunji Meanwhile owns 0.82 percent.

 

"The closing of the transaction is subject to compliance with certain conditions and obtaining certain consents, including, among others, the consent of the Toll Regulatory Board and the Department of Public Works and Highways pursuant to the Toll Concession Agreement," the disclosure read.

 

Once approved, San Miguel will own 70.11 percent of the concessionaire.

 

Other shareholders include DM Wenceslao & Associates Inc. with 8.79 percent, Grand Trackway Holdings Inc. with 6 percent, RD Policarpio & Co. Inc. with 5.28 percent, New Kanlaon Construction Inc. with 4.99 percent, JE Manalo & Co. Inc. with 1.88 percent, CM Pancho Construction Inc. with 1.17 percent, Rockford Development Corp. with 0.75 percent, First Balfour Inc. with 0.59 percent, JV Angeles Construction Corp. with 0.42 percent and EEI Corp. with 0.02 percent. — JST, GMA News