MANILA - The government is looking to sell its stake in the operator of two major tollways in northern Luzon.
The Privatization and Management Office (PMO) posted an invitation to bid for 76,000 common shares held by the national government in the Tollways Management Corp, which operates the North Luzon Expressway and the Subic-Clark-Tarlac Expressway.
The PMO put the minimum floor price of the shares at P2.58 billion with the deadline for the submission and opening of bids on April 5, 2019.
Existing stockholders of TMC will have the right of first refusal to the transaction.
TMC is part of the Manuel Pangilinan-led Metro Pacific Investments Corp.