MANILA, Philippines - San Miguel has bought most of the stake of Indonesia's Citra Group in their SLEX-Skyway joint venture, officially consolidating the two highways to its infrastructure business.
Citra, which had 54 percent of the joint venture, sold 49 percent.
SMC had 46 percent, which is now 95 percent, allowing San Miguel to include the company's finances in its financial statements.
Citra retains 5 percent.
San Miguel disclosed the transaction yesterday, but details were confirmed by CFO Ferdinand Constantino on Friday.
Citra built the Skyway. San Miguel bought into the project in 2012. Together they bought SLEX from Malaysia's MTD group.
With 95 percent control, the unit is now officially part of San Miguel's infra portfolio. - ANC