Metro Pacific screens new investors for tollway business

Manuel Pangilinan —CONTRIBUTED PHOTO

MANILA, Philippines — Tycoon Manuel V. Pangilinan is currently in talks with several parties that are interested to invest in Metro Pacific Tollways Corp. (MPTC) as the company seeks to raise funds ahead of its pending merger with the tollway business of San Miguel Corp.

Pangilinan, on the sidelines of a recent stockholders’ meeting, told reporters they were hoping to rake in P20 billion to P40 billion this year to pay off their debts.

“We’re talking to several investors at this stage. It’s too early to say,” he said.

The billionaire, who has also interest in telecommunication and utilities, said they were working on the fundraising activity before proceeding with the merger talks with San Miguel.

READ: BIZ BUZZ: SMC-MPTC tollway merger: What’s taking too long?

“We’re trying to raise money for tollways, to reduce our debts before any discussion,” he said.

The two parties have been in talks for the potential merger since 2023 when they signed up for a partnership to build expressways in Southern Tagalog. This project, however, has yet to break ground.

The toll road project comprises the 88-kilometer (km) Cavite-Batangas Expressway and Nasugbu-Bauan Expressway. These will traverse Silang, Amadeo, Tagaytay, Indang, Mendez and Alfonso in Cavite and will link motorists to Nasugbu and Bauan, Batangas.

READ: Metro Pacific-San Miguel toll roads may start ‘soon’

Expansion mode

Outside the merger talks, MPTC has been busy with its expansion plans.

In March, the operator of North Luzon Expressway started constructing a P2.2-billion expressway linking NLEx Mindanao toll plaza to Quirino Highway, with the target of completing it by the first quarter of next year.

MPTC earmarked P35 billion this year for several key projects. In particular, the Pangilinan-led company is working on Manila-Cavite Expressway (Cavitex) C5 Link Expressway and the remaining portion of Cavite-Laguna Expressway (Calax).

The 7.7-km Cavitex C5 Link links motorists from Makati and Taguig to Parañaque, Las Piñas and Cavite.

The Laguna segment of Calax is fully operational. The entire stretch of Cavite segment, meanwhile, is targeted to be completed this year.

Calax is a 44.57-km expressway that starts on Centennial Road in Kawit, Cavite and ends at the Greenfield property in Binan, Laguna.

READ: MPTC raising up to P50B to trim debts