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.