Metro Pacific acquiring stakes in Indonesian firm for $132M

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MANILA, Philippines — Metro Pacific Tollways Corp., the country’s leading tollways developer and operator, is acquiring 6.6 billion shares in Indonesian infrastructure firm, PT Nusantara Infrastructure Tbk, for US$132 million.

MPTC, a subsidiary of listed infrastructure conglomerate Metro Pacific Investments Corporation , told the local bourse that it arrived at an agreement with PT Matahari Kapital Indonesia to acquire the latter’s 6.6 billion shares in PT Nusantara.

PT Nusantara has interests in toll roads, port operations, water, energy and telecommunications. It operates a total of 34.47 kilometers in toll roads in four places connecting an airport, a seaport and business districts.

The investment adds to MPTC’s indirect holdings, through its wholly-owned subsidiary, MPT Asia Corporation and the latter’s Indonesian subsidiary, PT Metro Pacific Tollways Indonesia, of about 42.25 percent of the total capital stock of PT Nusantara on a fully-diluted basis.

Together with PT MPTI’s earlier share acquisitions, PT MPTI will now hold a total of about 47.08 percent of the total issued capital stock of PT Nusantara on a fully-diluted basis.

“mptc will bring to the burgeoning Indonesian economy its competence and commitment to provide the finest in expressway construction and customer service,” said MPTC president and chief executive officer Rodrigo Franco.

On PT Nusantara’s part, CEO Muhammad Ramdani Basri expressed the view that “MPTC’s entry has strengthened the Indonesian firm’s market position and will even accelerate its growth strides in the tollway business.”

In the Philippines, MPTC currently operates the 84-kilometer North Luzon Expressway, 94-km Subic-Clark-Tarlac Expressway, and the 14-km Cavite Expressway.

It has also three toll concessions currently under construction, namely the 45-km Cavite-Laguna Expressway, the 8-km Cebu-Cordova Link Expressway, and the 8-km North Luzon Expressway-South Luzon Expressway Connector Road.

MPTC’s expansion goals include establishing toll operations in the Visayas, other three parts of the Philippines and in neighboring countries notably Thailand, Vietnam and Indonesia.