MPTC acquires Malaysian infra firms, indirectly buys Indonesian toll roads operator

Metro Pacific Tollways Corp. (MPTC), the tollroads unit of infrastructure conglomerate Metro Pacific Investments Corp. (MPIC), has acquired Malaysia-based CIIF Infrastructure Holdings Sdn Bhd and CAIF III Infrastructure Holdings Sdn Bhd.

In a regulatory filing submitted by MPIC vice president Melody del Rosario on Tuesday, the Pangilinan-led conglomerate said MPTC, through its Singapore subsidiary Metro Pacific Tollways Asia Corp. Pte. Ltd. (MPT Asia), acquired 100% equity interest each in CIIF and CAIF III.

The total consideration for the transaction was $67 million or approximately P3.44 billion.

The valuation took into account the value of the assets and business of PT Margautama Nusantara (MUN), MPIC said.

The acquisition gave MPTC indirect acquisition of an additional 24.98% interest in MUN.

CIIF holds 20% equity interest in MUN, and CAIF III 4.98%.

MUN is a private company engaged in developing and operating toll roads. It manages four strategic toll roads in Indonesia.

MPTC has a separate equity interest in the Indonesian toll roads firm through its wholly-owned unit PT Metro Pacific Tollways Indonesia.

PT Metro Pacific Tollways holds an equity interest of 75.89% in PT Nusantara Infrastructure Tbk which holds a 74.98% equity interest in MUN.

“The resulting total equity interest of MPTC in MUN, after the transaction, will be 100%,” MPIC said.

The transaction is expected to enhance profitability and strengthen the balance sheet of MPTC, the company said .

CIIF and CAIF are investment holding companies established and existing under the laws of Malaysia.

MPTC is a wholly-owned subsidiary of MPIC. It operates and maintains the North Luzon Expressway, Subic Clark Tarlac Expressway, and Cavite Expressway. —Ted Cordero/VDS, GMA News