Quantcast
Latest Stories

Citra companies consolidate holdings in Skyway



MANILA, Philippines–The four Indonesian companies that together own the majority interest in the Skyway concessionaire, Citra Metro Manila Tollways Corporation (CMMTC), have consolidated their shareholdings by forming a new company.

The Skyway shares of Indonesian firms Citra Marga Nusaphala Persada, Citra Lamtoro Gung Persada (CLP), Bhaskara Duniajaya and Matra Sarana Arsitama, collectively known in the Philippines as the Citra Group,   are now under a holding company, which is the Group’s investment arm.

The formation of the new company reflects the commitment of the Citra Group to provide quality toll roads for the Filipino people. Through the new investment arm, the Citra Group has secured funding for both new and existing toll roads.  Having invested in the Philippines since 1995, and overcoming the Asian and global financial crises of 1997 and 2008, the Citra Group can be considered the most steadfast foreign developer of toll roads in the country, in good times and bad.

After the completion of Skyway Stage 2 in March this year, CLP together with its longtime joint venture partner, state-owned Philippine National Construction Corporation (PNCC), submitted to the government a proposal for Stage 3 to re-affirm its  commitment to continue the Skyway from South Luzon Expressway (SLEX) to North Luzon Expressway (NLEX).

The project is aimed at helping to solve Metro Manila’s traffic congestion by having on and off ramps in strategic locations along its alignment from Buendia, Osmeña Avenue, the Pasig River, Araneta Avenue, A. Bonifacio crossing Sergeant A. Rivera all the way to Balintawak.

The Department of Public Works and Highways (DPWH) is also considering a proposal submitted by Metro Pacific Tollways Corporation (MPTC) to connect the NLEX and SLEX using the Philippine National Railways alignment located mostly on the peripheral areas of Metro Manila.

In a disclosure to the Securities and Exchange Commission (SEC), MPTC said that its proposal was accepted in early June 2010 by the DPWH of then President Arroyo’s administration, around three weeks before President Aquino’s inauguration.

The Office of the Government Corporate Counsel and the Department of Justice under the Aquino Administration are of the opinion that the CLP-PNCC joint venture partnership has rights to Skyway Stage 3 project.

The new company is ready to support and finance the CLP-PNCC joint venture projects like the Skyway Stage 3 and the Metro Manila Expressway or C6 Stage 4.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Business , citra companies , Company Information , Skyway

  • Anonymous

    the indonesians will provide quality toll roads for filipinos???!!! can’t the government provide us with quality freeways instead? saan na napupunta yun halos 100k na tax na kinakaltas sa akin tuwing pasko???



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Ukraine FM: We are ready to fight Russia
  • Slain officer’s ‘diagram’ rocks PNP
  • 2 contractors fined P25,000 for delays in Edsa rehab
  • Luisita beneficiaries take over renters
  • 5 years of hard work pay off for top UP grad
  • Sports

  • Sharapova advances to Stuttgart quarterfinals
  • Galedo caps ride of redemption
  • Beermen, Express dispute second semis slot today
  • Lady Agilas upset Lady Bulldogs in four sets
  • NLEX roars to 7th D-League win
  • Lifestyle

  • A brand for life
  • Wear a rainbow on your wrist
  • Wearing Kate Moss
  • Sail into summer
  • Life lessons from the Ultimate Warrior
  • Entertainment

  • Kristoffer Martin: from thug to gay teen
  • Has Ai Ai fallen deeply with ‘sireno?’
  • California court won’t review Jackson doctor case
  • Cris Villonco on play adapted from different medium
  • OMB exec’s assurance: We work 24/7
  • Business

  • Gaming stocks gain, PSEi eases on profit-taking
  • Cebu Pacific flew 3.74M passengers as of March
  • Corporate bonds sweeteners
  • Professionals in the family business
  • Foreign funds flowed out in Q1, says BSP
  • Technology

  • Vatican announces hashtag for April 27 canonizations
  • Enrile in Masters of the Universe, Lord of the Rings?
  • Top Traits of Digital Marketers
  • No truth to viral no-visa ‘chronicles’
  • ‘Unlimited’ Internet promos not really limitless; lawmakers call for probe
  • Opinion

  • Editorial Cartoon, April 25, 2014
  • No deal, Janet
  • Like making Al Capone a witness vs his gang
  • MERS-CoV and mothers
  • A graduation story
  • Global Nation

  • Afghan hospital guard kills 3 American doctors
  • Career diplomat is new PH consul general in Los Angeles
  • US4GG: Aquino should ask Obama for TPS approval, drone technology
  • Complex health care system for California’s elderly and poor explained
  • Tiff with HK over Luneta hostage fiasco finally over
  • Marketplace