Metro Pacific Tollways Development Corp. said Wednesday it raised its stake in the operator of North Luzon Expressway, Subic-Clark-Tarlac Expressway and Manila-Cavite Expressway.
Metro Pacific Investments Corp. said in a disclosure to the stock exchange MPTDC acquired 53,200 Tollways Management Corp. common shares from Egis Road Operation S.A., representing 14 percent of the total issued and outstanding capital stock of TMC.
TMC is engaged in the operations and maintenance of tollways, facilities, interchanges and related works.
Prior to the transaction, MPTDC owned 174,800 TMC shares, representing about 46 percent of the issued share capital of TMC.
Upon completion, MPTDC will own 228,000 TMC shares, representing about 60 percent of the issued share capital of TMC. The purchase price for the acquired shares was paid in cash.
Egis of France now owns 20 percent of TMC, while the government owns the other 20 percent.
MPTDC is a wholly-owned subsidiary of Metro Pacific Tollways Corp., the toll road unit of MPIC.
Both boards of MNTC and TMC earlier approved the merger, with MNTC as the surviving corporation that will operate NLEx, SCTEx and Cavitex.
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.