MANILA - Ayala Corporation on Monday said it has signed a deal with the Villar Group for the sale of its 100 percent ownership stake in the MCX Project Company Inc (MCXPCI).

MXCPCI is the special purpose corporation that will hold the concession assets, rights and obligations for the Muntinlupa-Cavite Expressway Project, Ayala Corp said in a disclosure to the stock exchange.

AC signed an investment agreement with the Villar Group's Prime Asset Ventures, Inc (PAVI), it said.

"The sale of MCXPCI is aligned with Ayala’s strategic priority to realize value from certain non-core assets and sharpen its focus on the continued expansion of its core businesses in real estate, banking, telecommunications, and power, and scaling up its emerging businesses in healthcare and logistics," the company said.

Ayala Corp said it is also currently in the process of transferring the concession assets and obligations under the MCX Project Concession Agreement (MCX CA) to MCXPCI.

The Muntinlupa-Cavite Expressway Project is a toll road that connects Daang Hari Road in Las Piñas to SLEX.

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