MANILA - The tollway arm of Metro Pacific Investments Corp. has received approval from the public works department for the expressway project that would connect the northern and southern portions of Metro Manila.

Metro Pacific Tollways Development Corp. and its subsidiary Manila North Tollways Corp. received the Notice of Award from the Department of Public Works and Highways on Monday.

The project involves the design, financing, construction, operation and maintenance of an 8-kilometer elevated toll expressway that would connect the North Luzon Expressway (NLEX) and South Luzon Expressway (SLEX).

The project, which is estimated to cost P23 billion, will not require fresh equity infusion, Metro Pacific told the stock exchange.

Metro Pacific shares were up 1.84 percent to P6.63 on Monday.