MPTC infuses $20M into Indonesia infra firm

MANILA, Philippines — The tollways arm of Metro Pacific Investments Corp. is investing an additional $20 million in Indonesia on top of investments recently made to raise its stake to over three-fourths in an Indonesian infrastructure company.

Metro Pacific Tollways Corp. (MPTC) president and chief executive officer Rodrigo Franco said the company, which now owns 77.94 percent of the outstanding capital stock of PT Nusantara, is infusing the amount for the Indonesian firm’s upcoming toll road project.

“They are doing the Pettarani project. That would eventually require funding. For that we’re looking at an additional $20 million,” Franco said.

Franco said the Pettarani project is an extension of an existing project going to the airport in South Sulawesi.

MPTC, through its Indonesian subsidiary, PT Metro Pacific Tollways Indonesia, announced last month that it further increased its stake in PT Nusantara in a transaction costing P2.86 billion.

As a result, PT Metro Pacific Tollways Indonesia now owns a total of 77.94 percent, on a fully diluted basis, of the outstanding capital stock of PT Nusantara.

PT Nusantara is an Indonesian infrastructure company with interests in toll roads, port operations, water, and energy.

The company operates some 34.47 kilometers in toll roads in four places in Indonesia – connecting an airport, a seaport, and business districts.