DMCI sells 25.11% stake in TPLEx to San Miguel

Consunji-led DMCI Holdings Inc. is selling its 25.11-percent stake in the Tarlac-Pangasinan-La Union Expressway (TPLEx) concessionaire to the San Miguel group for P1.83 billion.

The deal will consolidate San Miguel Corp.’s interest in TPLEx—the first greenfield tollway project in its infrastructure portfolio—to more than 70 percent.

In a disclosure to the Philippine Stock Exchange yesterday, DMCI said that together with its wholly owned subsidiary, DM Consunji Inc., it had agreed to sell the combined stake in Private Infra Dev Corp. (PIDC) to SMC unit Rapid Thoroughfares Inc.

“They want 100-percent ownership and the amount paid is reasonable,” said DMCI president Isidro Consunji.

Other industry sources said that DMCI would use the proceeds for its power plant projects.

The deal is subject to compliance with certain conditions and regulatory approvals, including those of the Toll Regulatory Board and the Department of Public Works and Highways, pursuant to the toll concession agreement dated Aug. 28, 2008.

SMC opened the second section of TPLEx last weekend, adding 14 kilometers of new road linking Rosales to Urdaneta in Pangasinan. This section will be toll-free until Jan. 20. The first section of TPLEx is 49 kilometers up to Rosales and was opened last April.

Section 2 of TPLEx is actually 95 percent complete now but was opened to the public ahead of full completion to ease traffic flow during the holidays. Prior to its full opening, the section will again be closed to complete the remaining 5 percent.