MANILA, Philippines - The tollway unit of Metro Pacific Investments Corp. (MPIC) has bought a 50 percent stake in the Philippine unit of French engineering firm Egis.
MPIC told the stock exchange that Metro Pacific Tollways Development Corporation (MPTDC) has bought a 50 percent stake plus one share of Easytrip Services Corp. (ESC) for P103 million.
Egis' ESC acquires and develops equipment and software to facilitate electronic tolling of roads and other facilities, sells, leases, licenses, installs, operates and maintains such equipment and software, and
manages commercial relationships with users of such facilities.
MPIC said MPTDC entered into a subscription agreement with ESC covering the subscription to 87,000 shares of ESC, as well as an agreement covering the purchase of 13,001 ESC shares from Egis Easytrip Services SA.
MPIC said the 100,001 ESC shares were purchased at P1,030 per share. The subscription of new shares was paid last Monday, while the rest of the shares will be paid subject to completion of several conditions.
"The acquisition will allow MPTDC and EGIS to combine their expertise in managing and expanding the business of ESC," MPIC said.
MPIC, through Manila North Luzon Tollways Corp., and Egis partnered for the development of the 90-kilometer North Luzon Expressway in 1994.