CONGLOMERATE San Miguel Corp. has obtained full control of the Metro Railway Transit (MRT) 7 project by buying out the 49 percent stake held by businessman Salvador Zamora II for $100 million.
Through its wholly owned subsidiary San Miguel Holdings Corp., SMC signed a deal to buy the additional 49 percent in Universal LRT Corp. BVI Ltd., the conglomerate disclosed to the Philippine Stock Exchange on Tuesday.
As part of the deal, SMC also bought 100 percent interest in ULCOM Co. Inc., the designated facility operator of the MRT7 project.
The $100 million consideration for the deal consisted of payment for the shares as well as the outstanding shareholder advances amounting to $3.8 million.
Universal LRT holds the exclusive right, obligation and privilege to finance, design, construct, supply, complete and commission the MRT7 project, a planned 22-kilometer-long elevated railway starting from San Jose del Monte in Bulacan and ending in North Avenue in Quezon City.