Shareholders of Manila North Tollways Corp. approved the merger with Tollways Management Corp. and the change in the name of the company to North Luzon Expressways Corp.
The operator of NLEx and Subic-Clark Tarlac Expressway said stockholders owning at least two-thirds of the company’s outstanding capital stock ratified the proposed merger with TMC.
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.
The government owns 20 percent of TMC while Egis of Frances has 34 percent and Metro Pacific Tollways Corp. has 46 percent.
MNTC’s stockholders also ratified the proposed change in the corporate name of the company from MNTC to North Luzon Expressways or if unavailable NLEX Corp., subject to approval of the Securities and Exchange Commission.
MNTC president and chief executive Rodrigo Franco said the objective of the merger was to have a more efficient and financially strong company that would have better access to capital to support the company’s projects.