The tollway unit of Metro Pacific Investments Corp. acquired another 7-percent stake held by France’s Egis Projects SA in Tollways Management Corp. for P442.3 million.
Metro Pacific Tollways Development Corp. signed a share purchase agreement with Egis, which is expected to be completed by April 4 this year.
MPTDC acquired a 14-percent share of Egis in TMC for P884.7 million in December last year.
After the completion of the 7-percent acquisition, MPTDC will own 67 percent of the issued share capital of TMC.
“The company believes that TMC’s business in the operation and maintenance of the North Luzon Expressway and the Subic-Clark-Tarlac Expressway, its facilities, interchanges and related works will generate positive returns for the group and therefore increasing the group’s shareholding. And thereby its entitlement to such returns is beneficial to the group, the company and its shareholders,” MPTDC said.
TMC’s audited profit reached P637 million in 2015, higher than P626 million in 2014.
Shareholders of MNTC and TMC approved the merger, with MNTC as the surviving corporation that will operate North Luzon Expressway, Subic-Clark-Tarlac Expressway and Manila-Cavite Expressway.
MNTC is the concessionaire of both NLEx and SCTEx projects. It is also one of the original proponents for the Connector Road Project linking North Luzon Expressway and South Luzon Expressway.
The transaction will be done through a share swap where shareholders will be given 2.7 MNTC common shares for every TMC share and 16.63 MNTC preferred shares for every TMC share.