Metro Pacific Investments Corp’s (MPIC) plan to sell a portion of its stake in its toll road unit is on hold due to market uncertainties.
MPIC previously announced its intention to divest a 20-percent stake in Metro Pacific Tollways Corp. to reduce its debt.
Sources said, however, the potential strategic investor in MPTC decided to take a pause because of developments in the global markets including threat of tariff war which could affect the domestic economy.
“It’s been on a pause because everybody became cautious,” a top executive said.
MPTC is the largest toll road developer and operator in the Philippines in terms of vehicle traffic volume, revenues, assets and combined length of its projects.
It is the holding company of North Luzon Expressway, Subic-Clark-Tarlac Expressway (SCTEX), Cavite Expressway (CAVITEX), Cavitex C5 Link and Cavite-Laguna Expressway (CALAX).
MPIC earlier said it planned to close the planned sale of 20-percent stake in MPTC to reduce its debt before proceeding with the merger with San Miguel Corp.’s infrastructure subsidiary.
MPIC in March temporarily halted merger talks with a unit of San Miguel Corp. for their toll road operations.
Last week, MPIC hinted that it wanted to resume such merger talks with San Miguel.
The MPTC Group operates 240.6 kilometers of expressways and has 43.1 kilometers under construction, with a total investment of $3.06 billion.
It operates 105 kilometers of North Luzon Expressway, 94 km. of Subic Clark-Tarlac Expressway and 14 km. of Manila-Cavite Expressway. It also operates 8.5-km. Cebu-Cordova Link Expressway in Cebu.
SMC’s expressways include the Tarlac-Pangasinan-La Union Expressway (TPLEX), the Southern Tagalog Arterial Road (STAR), South Luzon Expressway (SLEX), the Skyway System and the NAIA Expressway (NAIAX).
The toll unit of Metro Pacific Investments Corp. and SMC signed in August 2024 a P72-billion deal to construct two expressways south of Metro Manila.
