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Monday, March 4, 2024

MPIC unit offers to acquire 3.46% stake of gov’t in NLEX

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Metro Pacific Tollways Corp. offered to buy the stake of the government in the North Luzon Expressway.

“We made an offer to acquire the stake of TRB [Toll Regulatory Board], BCDA [Bases Conversion and Development Authority] and national government in NLEX. It’s being evaluated now by government,” MPTC president and chief executive Rogelio Singson said.

“I understand before I came in there we’re already in discussion [to acquire the government’s stake in NLEX]. We are just awaiting the valuation,” Singson, who was appointed as the new president of MPTC earlier this month, said.

The government in February announced the plan to sell its 3.46-percent stake in NLEX to bankroll funds for the Maharlika Investment Fund.

MPTC is the tollways infrastructure unit of Metro Pacific Investments Corp.

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MPIC is one of three key Philippines units of Hong Kong–based First Pacific Co. Ltd.

It owns 70.78 percent of NLEX, while BDO Unibank holds 11.7 percent; EGIS Investment Partners Philippines Inc., 10.16 percent; and Global Fund Holdings, 3.9 percent.

NLEX earlier booked a net income of P2.1 billion in the first quarter of the year, up 38 percent from P1.5 billion in the same period last year.

The company recorded revenues amounting to P5.1 billion, up 31 percent from the first quarter of 2022 figures due to stronger travel demand and higher toll rates implemented in May and June 2022.

Average daily traffic along NLEX reached 320,863 vehicle entries as of March, higher than thr 2022 figures by 20 percent, while average daily traffic along SCTEX reached 80,261 entries or 23 percent above last year’s figures covering the same three-month period.

NLEX spans about 105 kilometers or 598 lane-kms. and is the main infrastructure backbone that connects Metro Manila to Central and Northern Luzon, while SCTEX is a 93.77-km four-lane divided highway, traversing the provinces of Bataan, Zambales Pampanga and Tarlac.

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