October 10, 2024 | 12:00am
MANILA, Philippines — Discussions for the mega-tollways merger being eyed by Metro Pacific Tollways Corp. (MPTC) and San Miguel Corp. (SMC) may be completed within the month.
“The merger is going to happen sooner rather than later. I was expecting because it will have to go through approvals but the entities, the operating companies are not going to be affected. The merger is at the MPTC level, holding company. And the same is true for San Miguel,” MPTC president and CEO Rogelio Singson told reporters on the sidelines of the Management Association of the Philippines’ general membership meeting yesterday.
He said it could be done “within October.”
While the merger can happen sooner, he said government approvals including that of the Philippine Competition Commission (PCC) will be needed.
“It has to go through PCC and that might be the cause of delay because as far as owners and management, we’re ready,” he said.
Last August, he said both parties are hoping to finalize how to move forward with the merger within the first quarter of next year.
The inclusion of MPTC’s projects in Indonesia is among those being considered by the parties for the merger.
Last month, MPTC through its subsidiaries PT Margautama Nusantara and PT Metro Pacific Tollways Indonesia Services and its partner, GIC, finalized the $1 billion strategic investment cooperation for a 35 percent stake in Indonesian toll road company PT Jasamarga Transjawa Tol.
“With Indonesia, it will probably be closer to 50-50 because Indonesia has to be part of it. Now that transaction is completed, it’s 50-50 or 50 plus one,” Singson said when asked about the size of the deal.
Asked about the planned listing of the MPTC on the Philippine Stock Exchange, he said “that will have to wait whether we will list separately or we will wait for the merger and be listed together.”
Singson said he is set to step down from his post at MPTC this month, while former Clark International Airport Corp. president and CEO Arrey Perez will be taking over as MPTC president and CEO.
Aside from Indonesia and the Philippines, MPTC also has operations in Vietnam.
In the Philippines, MPTC operates the following: North Luzon Expressway, Subic-Clark-Tarlac Expressway, Manila-Cavite Expressway, Cavite-Laguna Expressway and Cebu-Cordova Link Expressway.
SMC, meanwhile, operates the Tarlac-Pangasinan-La Union Expressway, Skyway System, Southern Tagalog Arterial Road, South Luzon Expressway and NAIA Expressway.
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