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Friday, January 24, 2025
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Friday, January 24, 2025

MPTC eyes P50-b fundraising ahead of merger with SMC

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Metro Pacific Tollways Corp. said it plans to raise between P30 billion and P50 billion this year ahead of the planned merger with the tollway company of San Miguel Corp.

MPTC chairman Manuel Pangilinan said the company would use the proceeds from the fundraising program to finance expansion this year.

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Pangilinan also said the proposed merger with the tollway company of SMC is “complicated.”

He said it could be completed “hopefully within the year or next year.”

MPTC was aiming for a 50-50 split in the ownership for the proposed merger with SMC’s tollway business.

The toll unit of Metro Pacific Investments Corp. and San Miguel signed in August 2024 a P72-billion deal to construct two expressways south of Metro Manila.

Under the memorandum of agreement, MPTC and SMC will jointly undertake the construction, operation and maintenance of the 87.96-kilometer Cavite-Batangas Expressway and Nasugbu-Bauan Expressway.

The MPTC Group has 240.6 kilometers of existing expressways and 43.1 kilometers under construction, with a total investment of $3.06 billion. It operates 105 kilometers of North Luzon Expressway, 94 km. of Subic Clark-Tarlac Expressway and 14 km. of Manila-Cavite Expressway. It also operates 8.5-km. Cebu-Cordova Link Expressway in Cebu.

SMC’s expressways include the Tarlac-Pangasinan-La Union Expressway (TPLEX), the Southern Tagalog Arterial Road (STAR), South Luzon Expressway (SLEX), the Skyway System and the NAIA Expressway (NAIAX).

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