By: Richmond Mercurio (The Philippine Star), as seen on https://www.philstar.com/business/2019/09/25/1954615/mptc-takes-full-control-indonesia-toll-road-firm, September 25, 2019 – 12:00am

MANILA, Philippines — Metro Pacific Tollways Corp. (MPTC), a subsidiary of infrastructure conglomerate Metro Pacific Investment Corp., has taken full ownership of a toll road operator in Indonesia following a $67 million, or about P3.44 billion, share purchase agreement.

In a disclosure to the Philippine Stock Exchange yesterday, MPIC said its tollways arm obtained a total of 24.98 percent interest in PT Margautama Nusantara through the acquisition of 100 percent equity interest in CIIF Infrastructure Holdings Sdn Bhd (CIIF) and CAIF III Infrastructure Holdings Sdn Bhd (CAIF III).

CIIF and CAIF III hold 20 percent and 4.98 percent equity interest in PT Margautama, respectively.

MPTC said it acquired 100 percent of the total issued capital stock of CIIF and CAIF III by way of a share purchase agreement.

PT Margautama is a private company engaged in the development and operation of toll roads in Indonesia, where it currently manages four strategic toll roads.

MPTC said the indirect acquisition through CIIF and CAIF III would be in addition to its existing indirect equity interest PT Margautama through wholly owned Indonesian subsidiary PT Metro Pacific Tollways Indonesia, which holds an equity interest of 75.89 percent of PT Nusantara Infrastructure Tbk, which in turn holds 74.98 percent equity interest in PT Margautama.

As a result, MPTC’s total equity interest in PT Margautama after the transaction is 100 percent.

“The transaction is expected to enhance profitability and strengthen the balance sheet of MPTC,” it said.

Aside from Indonesia, MPTC also has presence in Vietnam and Thailand. It is also on the lookout for possible opportunities that could mark its entry in Malaysia, as well as other countries in Southeast Asia.

The company has a 45 percent minority equity interest in CII Bridges and Roads Investment Joint Stock Co., a Ho Chi Minh City-based infrastructure developer, and holds a 29.45-percent stake in Don Muang Tollway Public Co. Ltd. in Thailand.

In the country, MPTC holds in its portfolio of projects the NLEX, SCTEX, CAVITEX, and current construction projects Cavite-Laguna-Expressway, C5-South Link, Connector Road, and the Cebu-Cordova Link Expressway in Cebu.