Metro Pacific Tollways Corp. is eyeing to complete the acquisition of a 35-percent stake in an Indonesian toll road operator by July seen crucial to the planned merger with the San Miguel Corp. tollway unit.
“What we’re waiting for there, the last major piece, is the closing of the Trans-Java Toll road because it’s big. It is important to us from an evaluation standpoint because it’s valuable,” Manuel V. Pangolin, MPTC chairman, said of the proposed merger.
The transaction with San Miguel Corp. is a 50-50 agreement that he hopefully seals and signs in July.
Pangilinan said SMC and MPTC have already been exchanging data and the numbers firmed up.
“It will be done. It’s just a question of time,” he confidently said.
MPTC chief finance officer Chris Lizo previously estimated the value of the 35-percent stake in the Jasamarga Transjawa Toll (JTT) operator as between $1 billion and $1.5 billion.
JTI has the largest connected toll road network in Java. It operates 13 toll sections spanning over 676 kilometers.
MPTC collborated up with Singapore sovereign fund GIC in acquiring a stake in Jasamarga.
Under the proposed partnership, MPTC’s Indonesian subsidiary will acquire 20.3 percent of the 35 percent to be purchased while GIC will own 10.3 percent. MPTC-led PT Margautama Nusantara will take the remaining 4.2 percent.
GIC recently invested in MPTC’s Indonesia toll road unit, acquiring 33 percent.
MPTC also bagged a new concession in Indonesia last year involving a 21.5-kilometer elevated toll road worth $1.4 billion.
The project will start construction this month and complete it by January 2028.
The project has a 45-year concession life.
