Metro Pacific toll unit acquires Easytrip stake
Metro Pacific Tollways Corp., which operates the North Luzon Expressway and Manila Cavite Expressway, bought 50 percent plus one share of Easytrip Services Corp. for P103 million. This will be through a combination of new shares to be issued by Easytrip and the purchase of shares of Egis Easytrip Services SA, a filing with the Philippine Stock Exchange showed.
Metro Pacific said the acquisition of the toll services company will allow it and Egis to “combine their expertise in managing and expanding the business of [ Easytrip],” according to its filing.
It said the subscription of new shares was fully paid on June 30 while the shares to be acquired would be paid “upon completion of the relevant conditions precedent.”
Metro Pacific Tollways has been ramping up its business as it launched last week an electronic payment system for Manila Cavite Expressway, allowing rapid transactions at three to four seconds per vehicle.
The service, dubbed EasyDrive, involves the use of a paper thin battery that uses radio frequency identification (RFID) technology.
Each sticker, which is placed on a car’s windshield, comes with a specific identification number to avoid duplication.
Metro Pacific Tollways president Ramoncito Fernandez said last week that the company expected to hit a “13 percent penetration” for its EasyDrive service by the end of the year.
The company estimates that 110,000 vehicles use Manila Cavite Expressway per day. Miguel R. Camus
