The Metro Pacific Investments Corp. (MPIC) on Monday said the proposed joint undertaking with business tycoon Ramon Ang for a new tollway company is seen established within the year.
Manuel V. Pangilinan, MPIC chairman, told reporters the joint venture should not be “too complex” and should be completed soon.
“We are at the stage where we are exchanging information about our tollways. It’s looking good. On combination, it will be a significant company in the Philippines with starting EBITDA (earnings before interest, taxes, depreciation and amortization) of around P50 billion. It is a significant company if you are to put the two together,” Pangilinan said at the sidelines of Manila Electric Co.’s full year performance briefing in Pasig City Monday.
Pangilinan also said the meeting with Ang includes discussions on whether the latter’s Indonesian assets will form part of the partnership proposed to be listed at the Philippine Stock Exchange.
“With the commitment of both parties, I don’t see why we can’t do it within the year. We look forward to what regulatory approvals may be needed from Indonesia and the Philippines. We are simply exchanging information now so we will have an idea of the tollways,” Pangilinan said.
Last year, Ang announced the intention to acquire an equity stake in MPIC.
Prior to this, Pangilinan and Ang agreed on a P72 billion venture connecting the CALAX Silang (Aguinaldo) interchange to the proposed Cavite – Bantangas Expressway (CBEX) to Nasugbu on one hand and the proposed Nasugbu – Bauan Expressway (NBEX) on the other.
