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Tuesday, February 27, 2024

MPTC postpones IPO plan to pursue merger talks with SMC

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Metro Pacific Tollways Corp. (MPTC) postponed plans for an initial public offering (IPO) this year after it started talks with San Miguel Corp. about merging their expressway businesses.

MPTC president and chief executive Rogelio Singson said the planned IPO in the third quarter would be delayed until 2025 because of the possible merger with San Miguel’s toll road business.

“As far as MPTC is concerned, we’re ready to do an IPO after the delisting of MPIC.  We were supposed to do it first, but because of this merger, it would be somewhat delayed,” Singson said.

MPIC was delisted after completing the P28.4-billion tender offer to acquire the remaining shares held by minority investors.

“It would be delayed because we have to find out whether  we will do it together, or it would be merger first or IPO first,” Singson said.

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