MPIC unit acquires stake in French eng’g company

MANILA, Philippines - Metro Pacific Tollways Development Corp. (MPTDC), a unit of infrastructure giant Metro Pacific Investments Corp. (MPIC), is spending P103 million to acquire a stake in the Philippine unit of French engineering firm Egis.

In a disclosure to the Philippine Stock Exchange (PSE), MPIC vice president Melody del Rosario said the company bought a 50 percent plus one share of Easytrip Services Corp. (ESC).

ESC acquires and develops equipment and software to facilitate electronic tolling of roads and other facilities, sells, leases, licenses, installs, operates and maintains such equipment and software, and manages commercial relationships with users of such facilities.

It has experience in Electronic Toll Collection systems around the world. It enhances its technical skills in similar projects and knowledge in associated fields of service to the customers (Customer Relationship Management), organization and collection of toll, traffic and safety management.

Del Rosario said MPTDC entered into a subscription agreement with ESC covering 87,000 shares as well as deed of absolute sale involving 13,001 shares owned by Egis Easytrip Services S.A.

The 100,001 ESC shares were bought at P1,030 per share.

The subscription of the new shares was fully paid last Monday while the shares to be acquired from Egis would be paid upon completion of the relevant conditions including corporate approvals and execution of a shareholders’ agreement.

“The acquisition will allow MPTDC and EGIS to combine their expertise in managing and expanding the business of ESC,” Del Rosario said.

The partnership between EGIS and MPIC through Manila North Tollways Corp. (MNTC) dates back to June 1994, when both parties decided to co-develop the 90-kilometer North Luzon Expressway (NLEX).

MPIC’s Metro Pacific Tollways Corp. (MPTC) launched the country’s first application of radio frequency identification (RFID) technology dubbed “EasyDrive” at the Manila-Cavite Expressway (Cavitex) last June 24.

EasyDrive is a paper-thin battery-less RFID sticker containing a chip and antenna that is attached to a vehicle’s windshield designed to provide convenient toll road access by solving traditional queuing problems in paying toll.

EasyDrive is now the fastest system in toll road access in the country compared to other electronic payment systems such as EasyTrip for NLEX  and e-Tap also in Cavitex.

MPTC also intends to implement EasyDrive along NLEX within the year. Modern toll roads in the US, Canada, Taiwan, and some parts of Europe use RFID technology.

MPTC operates 63 percent of the country’s total 320-kilometer toll road system including NLEX, Cavitex, the 94-kilometer Subic-Clark-Tarlac Expressway (SCTEX) and the 8.8 kilometer Subic Freeport Expressway.