Metro Pacific Tollways Corp. said it raised its stake in an Indonesian infrastructure company to more than 50 percent that would require them to conduct a mandatory tender offer.
Metro Pacific said in a disclosure to the Philippine Stock Exchange that MPTC, through Indonesian subsidiary PT Metro Pacific Tollways Indonesia, acquired an additional equity interest of 4.99 percent of the total issued capital stock of PT Nusantara worth P600.4 million.
It said that together with PT MPTI’s earlier share acquisitions, the group was now holding 53.26 percent of the total issued capital stock of PT Nusantara on a fully-diluted basis.
Metro Pacific said that as a result of the acquisition, PT MPTI was required to conduct a mandatory tender offer in favor of the minority shareholders of PT Nusantara who collectively held 44.21 percent of the outstanding capital stock of PT Nusantara.
The remaining 2.53 percent was held as treasury shares by PT Nusantara.
“The tender offer price, which is still subject to approval by the Indonesian Financial Services Authority, is expected to be set at IDR 211 or about P0.79 per share,” MPIC said.
The total tender offer would amount to P5.29 billion for all of the remaining shares in PT Nusantara.
“The funding for the additional acquisition and the tender offer shall be sourced from bank loans,” MPIC said.
“PT MPTI will soon be submitting the mandatory tender offer plan to the Indonesian Financial Services Authority for its review and clearance,” the company said.
PT Nusantara’s infrastructure portfolio in Indonesia includes toll roads, ports, energy and water projects. It holds the concession of Jakarta Outer Ring W1 section of Kebon Jeruk-Penjaringan, BSD Toll road section of Pondok Aren-Serpong, BMN toll road Makassar for Soekarno Hatta Seaport-Pettarni and JTSE toll road for Tallo-Hasanuddin Airport toll section.
PT Nusantara provides services to over 103 million customers, 550,000 households, 103 million vehicles, more than 210 vessels and connecting millions of people through communications.
