|
METRO
Pacific Investments Corp. (MPIC) has completed its deal
to purchase the Lopez-controlled tollways operations.
In a
disclosure to the Philippine Stock Exchange, MPIC said
it has signed the sale and purchase agreement with First
Philippine Holdings Corp. (FPH) and Benpres Holdings
Corp. in First Philippine Holdings Infrastructure Inc.
This will result in MPIC holding 67.1-percent effective
interest in Manila North Tollways Corp. (MNTC), the
concession holder of the North Luzon Expressway (Nlex),
and 46 percent of the Tollways Management Corp. (TMC).
The MNTC
was granted the supplemental toll operating agreement in
June 1998 to finance, design, construct, operate and
maintain the toll roads, toll facilities and other
facilities generating toll-related income, in respect of
the Nlex. This agreement grants the MNTC the right to
operate and manage the existing 83.7-kilometer (km) Nlex
and the 8.5-km Subic-Tipo Expressway (SCTex) as well as
build out, operate and manage Phase 2, which is the
continuation of the missing link of C5 that would extend
up to the Manila Port Area, crossing the Nlex near the
Valenzuela interchange.
The MPIC
is also given the option to operate and manage, through
the consortium formed between Egis Projects SA, FPH and
TMC the 65.8-km SCTex direct link between Subic Bay Free
Port and Clark Economic Zone, subject to the consent of
the Bases Conversion Development Authority; and to
acquire a 10-percent interest in the Private Infra Dev
Corp. (PIDC), which was awarded the concession to extend
the Nlex to another 88.5 km. from Tarlac to Rosario, La
Union by 2013. The exercise of the Tarlac-La Union
option is subject to the exercise of the right of first
refusal of the existing consortium members of the PIDC.
“We are
very much pleased with the progress of this transaction
and look forward to its closing and completion in
November 2008. Once completed, this places MPIC in the
forefront of infrastructure development in the
Philippines,” MPIC president and CEO Jose Ma. K. Lim
said.
The
aggregate consideration of the proposed acquisition is
P12.262 billion broken down into P11.8 billion—to be
settled in cash on closing and the assumption by MPIC of
certain advances amounting to P462.6 million.
In
addition, the tender offer to be made by MPIC to the
public shareholders, equivalent to a per share price of
P2.46705, will amount to approximately P19.7 million.
The
tender offer will be funded initially by shareholder
advances from First Pacific Co. Ltd., MPIC’s parent
company, and internal resources. |
