Metro Pacific Tollways Corp. (MPTC) said Monday it acquired the 2.61-percent government stake in NLEX Corp. for P2.5 billion.
MPTC president and chief executive Rogelio Singson reaffirmed the toll road company’s dedication to supporting the government’s efforts and its commitment to public service.
“We recognize that we, too, are in public service under a private entity. Our commitment is to provide efficient, safe, and convenient travel to our motoring public, as well as connect people and transform communities,” Singson said.
MPTC chief finance officer Christopher Lizo said of the total, 3.46-percent stake of the government in NLEX, MPTC would acquire 2.61 percent and BDO Unibank would get 0.50 percent. The remaining 0.35-percent stake will be kept by the government.
MPTC is the tollway infrastructure unit of Metro Pacific Investments Corp.
MPIC is one of three key Philippine 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. has 10.16 percent and Global Fund Holdings holds 3.9 percent.
NLEX earlier booked a net income of P2.1 billion in the first quarter of 2024, up 38 percent from P1.5 billion in the same period last year.
The company recorded revenues amounting to P5.1 billion in the first quarter of 2024, up 31 percent from a year ago on stronger travel demand and higher toll rates implemented in May and June 2023.
Average daily traffic along NLEX reached 320,863 vehicle entries as of March, higher than the 2023 figures by 20 percent. The average daily traffic along SCTEX reached 80,261 entries or 23 percent above last year’s figures.
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.
