Metro Pacific Investments Corp. is keen on acquiring the 35-percent stake of Ayala Corp. in Light Rail Manila Corp. (LRMC), the private operator of Light Rail Transit (LRT) Line 1.
“I think in principle we are for a number of reasons. One is the possibility of being able to bid for the MRT-3. I understand that the government wants to do what they did with the NAIA, because we submitted an original proposal,” Manuel V. Pangilinan, MPIC chairman, told reporters.
“I think they are taking a similar path to NAIA where there was an open bidding. That’s likely to be made in 2025,” he added.
MPIC has the right of first refusal on Ayala Corp.’s stake.
“They [Ayala] have publicly signified their intention to divest. And I think it is easier for us to move if it were majority-owned, fully under the control of MPIC,” Pangilionan said.
MPIC owns 35.8 percent of LRMC while Sumitomo Corp. has 19.2 percent. A 10 percent stake is owned by Macquarie Infrastructure Holdings Philippines.
LRMC won the 11.7-km. Cavite extension project and took over the operations of LRT Line 1 on 12 September 2015. LRT Line 1 runs from Baclaran in Pasay City to Munoz in Quezon City.
It earlier said Phase 1 of the LRT Line 1 Cavite extension is seen operational before the end of this year.
Phase 1 covers 7 kilometers of the 11-kilometer LRT-1 Cavite Extension from the Redemptorist Station, MIA Station, Asiaworld Station, Ninoy Aquino Station up to Dr. Santos Station initially.
The remaining stations between Las Piñas and Niog should to be fully operational by 2022.
