Metro Pacific Tollways Corp. has deferred plans for an initial public offering (IPO) this year following talks of merging the expressway business of San Miguel Corp. and its parent firm Metro Pacific Investments Corp.
Rogelio Singson, president and chief executive of MPTC said the planned IPO in the third quarter of the year had been deferred to 2025 because of the possible merger with San Miguel’s expressway business.
“As far as MPTC is concerned we’re ready to do an IPO after the delisting of MPIC kami sana ang mauuna [we would have been first] but because of this merger medyo madedelay [it will likely be delayed,” Singson said.
MPIC was delisted after completing the P28.4-billion tender offer to acquire the remaining shares held by minority investors and approval from the PSE.
“It will be delayed because we have to find out whether sabay ba kami [we will do it together], merge muna [merger first] or IPO muna kami [we will do an IPO first],” he added.
Manuel V. Pangilinan, MPIC chairman, earlier bared eyeing a joint venture with San Miguel on the expressway business that will eventually list at the Philippine Stock Exchange.
On whether the IPO will be jointly undertaken with San Miguel, Singson said, “Possibly. That is why we don’t know yet whether we will be absorbed or they will do it alone [the joint venture company].”
“Maybe by 2025. We can’t do it anymore because we need to engage a third party assessor,” he added.
MPTC and SMC signed in August 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 proposed 87.96-kilometer Cavite-Batangas Expressway and Nasugbu-Bauan Expressway.
MPTC manages the105-kilometer North Luzon Expressway, 94 kilometers of the Subic Clark-Tarlac Expressway and 14 kilometers of the Manila-Cavite Expressway. It also operates the 8.5-kilometer Cebu-Cordova Link Expressway in Cebu.
SMC’s expressways includes 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).
