MVP invests P6.77B in Cavitex

A+
A
A-

MANILA, Philippines–The Metro Pacific group led by businessman Manuel V. Pangilinan has expanded its Philippine tollroad portfolio with a P6.77-billion investment in the holding firm in control of the 14-kilometer Manila-Cavite Toll Expressway (Cavitex).

In a disclosure to the Philippine Stock Exchange on Thursday, Pangilinan-led infrastructure holding firm Metro Pacific Investments Corp. announced the financing and cooperation agreement between its tollroad subsidiary Metro Pacific Tollways Corp. and Cavitex Holdings Inc. (CHI), formerly Coastal Road Corp.

Under the agreement, CHI will issue a convertible note to MPTC which will give Pangilinan’s group the option to convert in the future to new, non-voting redeemable convertible preference shares in CHI or common shares of Cavitex Infrastructure Corp., formerly UEM-Mara Philippines Corp.

However, the option to buy into Cavitex Infrastructure, which holds the concession for the operation and maintenance of Cavitex tollroad, is subject to securing certain approvals and conditions.

Under the cooperation agreement, MPTC will provide management assistance to CIC starting January 2 next year.
CHI believes that MPTC will be able to use its expertise in operating the North Luzon Expressway (NLEx) and Subic-Clark-Tarlac Expressway (SCTEx) to improve the services that Cavitex currently provides to the riding public and the rapidly growing population of Cavite.

MPTC chief executive officer Ramoncito Fernande sai: “We are looking forward to delivering to motorists on the Cavitex the same standard of customer service and excellence that MPTC already provides on the NLEx and the SCTEx.”

Cavitex tollroad is built in two segments running from Cavite to Laguna and currently has 90,000 vehicle entries a day. The concession for this road extends to 2033 for the originally built road and to 2046 for a subsequent extension.

“The proceeds from this financing will be used by CHI to invest in the Aquino administration’s PPP (public-private partnership) projects, as well as future real estate projects with the Philippine Reclamation Authority,” said CHI chair Luis Virata.

For his part, Pangilinan said: “I am pleased that through our agreements MPTC will be able to assist in the future development of Cavitex and possibly adjoining roads in this rapidly growing part of Metro Manila.”

MPIC prsident Jose Ma. Lim added: “This is another step in our long signaled determination to further expand and develop Metro Manila’s tollroads.”

Inquirer Viber
  • Tags:

Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.

  • mamer2

    Doesn’t the Philippines have some sort of Anti-Trust & Monopoly Laws to protect the consumers and the general populace against monopoly and control over a VERY Large segment of our society..?
    Water.., Power & Electricity.., Communication.., Television & News.., Hospitalization.., Mining.., Transportation etc.., etc.., under the power of ONE MAN or A SINGLE GROUP.

  • Jason Cruz

    Ngayon palang mag ipon na kayo ng pangbayad sa higher toll fee.    Kapag na kay Pangilinan na siguradong every year may yearly increase yan.   heheheheh,  Grabe tumaga yang nga company ni Manny MUKHANG PERA Pangilinan.

  • Si mo

    SLEX DESIGN IS SO POOR. IT DOES NOT EVEN HAVE A  POINT OF ENTRY (POE) FROM SAN PEDRO LAGUNA TO MANILA. WHAT IS THE PROBLEM WITH THESE DESIGNERS ???? CAN YOU AT LEAST INSERT THIS SEGMENT TO YOUR PLAN?

  • http://profile.yahoo.com/5KKV43GXHSI6HRI2FLAQGQ6G5Y Glenn

    mamer2: Are you living under a rock? Everybody knows MVP and his expanded portfolio of businesses since PLDT, Smart and Burger King days. You might be also getting your Internet service from one of his companies. Corporate taxes are different from citizen taxes so stop questioning and sounding bad on what you don’t know. He might buy your life.   

    • mamer2

      Glenn: It is you who are giving misleading info. (you may have learned this from your friends the Red-Chinese. Are they your “Rock”? )

      What about “MVP’s and his expanded porfolio”..?

      So what if I’m “getting your internet service from one of his companies”..? 
      What has this to do with this subject under discussion?

      You are FOND of GIVING STATEMENTS in HALF-TRUTH and IN-COMPLETE STATEMENTS. Both are WORSE than OUTRIGHT LIES.

      Don’t lecture me on Corporate and Income Taxes. I may know more than you.
      Your comment on the matter of taxes just show the limited scope that you have on the subject.

      AND…, WHAT the HECK do you mean by …”He might buy your life”…?
      Is this a threat from your minuscule & evil mind…?

  • mamer2

    How did MVP get all his funds to invest in all those corporations & businesses etc…?.?.?
    Are these invested funds his own personal funds…, supported by Income Tax Returns, etc.?.?.?
    Or…, are these funds provided/owned by foreigners…?.?.?
    If so…, are they not limited/banned by our Constitution’s provision regarding foreign ownership…?.?.?

    Why is the Government silent on these…?.?.?
    Or is this, another case of “Selective Justice”…?.?.?

    • http://www.facebook.com/profile.php?id=100003516764413 Jean Claude

      MVP got all his funds from his businesses. He is good at making money thats why he got rich. 

      How about you? Stop complaining and learn how to make money and get rich. 

      • Jason Cruz

        You better know who is really the majority owner of the companies being handled by Pangilinan.    SALIM OF INDONESIA.  Hindi yan pilipino.   okee ?
        Why he become rich ? They already monopolize the sensitive company here in the country.     TEL, WATER, COMMUNICATION AND MANY MORE. 

      • Jason Cruz

        Thanks him for what Philex done to the province of Benguet,  thousand ton of toxic materials destroying huge land and rivers.  

      • mamer2

        Doesn’t the Philippines have some sort of Anti-Trust & Monopoly Laws to protect the consumers and the general populace against monopoly and control over a VERY Large segment of our society..?

        Water, Power, Communication, Hospitalization, Transportation etc under the power of ONE MAN or A SINGLE GROUP.

      • mamer2

        Why ask me about my income etc..
        I’m not the subject of this discussion.

        Are you so god-damn-low that you stoop to such tactics.

        You even use different names in your comments to show as if more people are of your evil thinking/doing.

        If he got his funds from businesses…, has he paid the necessary taxes for them..?
        And where did he get such HUGE SUMS to pay for the Purchase of SO MANY LARGE COMPANIES and PROPERTIEs.

        It appears that MVP is even richer than…
        Henry of SM & Lucio of PAL, COMBINED.

    • Jason Cruz

      Bosing, trabahador lang yan si Pangilinan, ng nga amo nyang taga Indonesia.    Salim Group of Companies.    Lahat ng hawak ni Pangilinan ang sama ng serbisyo pero grabe naman tumaga sa nga tao.    MERALCO, PLDT, SMART, MAYNILAD   philex.  ANG SAMA NG SERBISYO NA NGA IYAN.

  • nelscruz

    Dagdag singil na naman sa tolway yan.

    • Jason Cruz

      Sigurado tayo dyan, grabe yan tumubo, tubong lugaw.   heheeheheh ang sama naman ng serbisyo ng nga company nila like PLDT, SMART, MERALCO, MAYNILAD at lalo na sa tollways.   grabe TUBOOOOOOOOOOOOO!!

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

editors' picks

advertisement

popular

advertisement

videos