MANILA - Infrastructure giant Metro Pacific Investments Corp (MPIC) has sold off its indirect stake in Thailand's Don Muang Tollways (DMT) for $149.25 million or around P7.2 billion, the firm said Wednesday.
FPM Tollway (Thailand) Limited, the wholly-owned subsidiary of MPIC's Metro Pacific Tollways Corp (MPTC), sold off AIF Toll Roads Holdings (Thailand), which has a 24.95-percent stake in DMT.
Don Muang Tollways is a 21.9-kilometer toll road in Bangkok, Thailand.
"MPTC has decided to take advantage of the increased interest from third parties to acquire MPTC’s entire shareholdings in DMT. The transaction will allow MPTC to realize a gain on its investment in DMT and benefit from the increased liquidity," MPIC told the stock exchange.
Proceeds from the sale will be used to fund MPTC’s other projects, the company added.
After the transaction, the Manny Pangilinan-led MPTC will be left with two global investments, which include its 79.9-percent ownership of Indonesia's PT Nusantara Infrastructure, and a 44.9-percent stake in Vietnam's CII Bridges & Roads.
In the Philippines, MPTC owns several tollways namely the NLEX, SCTEX, CAVITEX, CALAX, the Cebu Cordova Link, and the NLEX Connector.