MPTC still looking for overseas acquisitions

MANILA, Philippines — Metro Pacific Tollways Corp. (MPTC) is not abandoning its overseas expansion aspirations even after its recent exit in Thailand.

MPTC president Rodrigo Franco said the company is  still looking  for expansion opportunities abroad.

The tollway unit of infrastructure conglomerate Metro Pacific Investments Corp. (MPIC) is particularly scouting for new markets in Southeast Asia. “We continue to evaluate investment prospects in other countries, especially in Southeast Asia,” Franco told The STAR.

“We still have investments in Indonesia and Vietnam,” he said.

Last week, MPIC announced that MPTC unloaded its stake in Thai toll road operator Don Muang Tollway Public Co. Ltd. (DMT), which holds the concession for a 21.9 kilometer elevated toll road facility in Bangkok, for $149.25 million.

This marked the end of MPTC’s eight-year presence in the Thai tollway scene.

First Pacific and MPIC formed a joint venture in 2013 to acquire a 29.45 stake in DMT.

MPIC said MPTC decided to take advantage of the increased interest from third parties to acquire MPTC’s entire shareholdings in DMT.

MPTC currently holds majority shares in PT Margautama Nusantara (MUN) through PT Metro Pacific Tollways Indonesia, a wholly owned Indonesian subsidiary, which holds an equity interest of 75.89 percent of PT Nusantara Infrastructure Tbk, which then holds 74.98 percent equity interest in MUN.

MUN operates four toll road concessions through its subsidiaries and affiliated companies in Jakarta, as well as Makassar in Sulawesi Island.

MPTC last year sold its 10.32 percent stake in its Indonesian unit to a group of Japanese investors for $35 million.

Aside from Indonesia, MPTC also has presence in Vietnam since 2015, where it holds a 45 percent equity interest in CII Bridges and Roads Investment Joint Stock Co.

In the Philippines, MPTC’s portfolio include the NLEX, SCTEX, CAVITEX, and CALAX. It is also constructing the C5-South Link, Connector Road, and the Cebu-Cordova Link Expressway in Cebu.