Prime Asset Ventures Inc., a company led by the Villar Group, on Wednesday finalized the acquisition of the four-kilometer Muntinlupa-Cavite Expressway from Ayala Corp. for P3.8 billion.
PAVI said in a statement it signed the implementing agreements for the acquisition of MCX after the Department of Public Works and Highways in July approved the transfer of ownership of from Ayala Corp. to the Villar Group.
Vista Land chairman Manuel Villar Jr. and Ayala Corp. president and chief executive Cezar Consing attended the signing ceremony at Brittany Hotel in Bonifacio Global City, Taguig.
“This momentous event shows our resolve to provide our countrymen better services in the area of roads and toll ways. You’ll be surprised of the many wonderful things to come in Villar City,” Villar said.
MCXis a four-kilometer controlled-access toll road linking the southern part of Cavite to Muntinlupa. It is the first public-private partner project under the Aquino administration.
Ayala signed the 30-year concession agreement for the operation of MCX Expressway in 2012. It invested P2.2 billion for the project including a P902-million cash payment to the government.
Ayala announced in March 2022 it would sell its entire stake in MCX Project Company Inc., which holds the concession for the MCX to the Villar Group for P3.8 billion.
“Ayala developed MCX over a decade ago to connect Metro Manila to Imus, Dasmarinas and Bacoor in Cavite which were experiencing rapid growth. MCX succeeded in relieving traffic congestion and reducing the travel time between Metro Manila and Cavite. The sale of MCX represents another example of our recycling capital to benefit from opportunities in our core and emerging businesses,” Consing said.
The acquisition will further expand Villar Group investment portfolio which currently includes housing, retail, food, water, power, and utilities, to integrated resorts and entertainment.
Also present during the signing were Villar Group representatives Sen. Mark Villar, Las Piñas Rep. Camille Villar, PAVI President Maribeth Tolentino; Maryknoll Zamora, CFO, PAVI; and other top executives.