MANILA, Philippines - Consunji-led DMCI Holdings Inc. on Monday said it sold its stake in the tollway concessionaire for the Tarlac-Pangasinan-La Union Expressway (TPLEX) to San Miguel Corp. for P1.83 billion.
In a disclosure to the stock exchange, DMCI Holdings said the company and its subsidiary DM Consunji (DMCI) sold its 25.11 pct stake in Private Infra Dev Corp. (PIDC) to SMC's subsidiary Rapid Thoroughfares Inc. for a total of P1.83 billion.
PIDC is the concessionaire of the 88-kilometer TPLEX, which will extend from La Paz, Tarlac to Rosario, La Union.
DMCI said the closing of the deal is still subject to compliance with certain conditions, and obtaining certain consents from the Toll Regulatory Board and the Department of Public Works and
SMC and DMCI had jointly taken over a controlling 67-percent stake in PIDC. SMC's Rapid Thoroughfares acquired a 35-percent stake in PIDC and DMCI had a 32.22 percent.
Last week, PIDC said it is on track to complete the TPLEX project. It expects to fully complete the project in 2015.
The TPLEX is expected to cut travel time from Tarlac City to La Union to 45 minutes at 100 kilometers per hour.
“Construction of TPLEX is well on track and while we still have to make a few more refinements, it is safe to use. We’re opening early as service to the public,” PIDC president Mark Dumol said.
The 13.66-kilometer segment from Rosales to Urdaneta in Pangasinan opened last Saturday.
The first section of the TPLEX was opened in 2013. From end-to-end, the TPLEX will traverse 17 towns and the cities of Tarlac and Urdaneta across Tarlac, Pangasinan, La Union and Nueva Ecija.