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MPIC gets 100% control of Indonesian tollroad firm

/ 11:15 AM September 24, 2019

MANILA, Philippines – The toll road unit of infrastructure conglomerate Metro Pacific Investments Corp. (MPIC) has taken 100-percent control of Indonesian toll road developer and operator PT Margautama Nusantara (MUN) with a P3.44-billion deal to buy out the minority shareholders.

Metro Pacific Tollways Corp. (MPTC) has acquired an additional 24.98 percent interest in MUN, a private company which currently manages four strategic toll roads in Indonesia for around $67 million or P3.44 billion.

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In a disclosure to the Philippine Stock Exchange on Tuesday, MPTC, through its Singaporean subsidiary Metro Pacific Tollways Asia Corp. Pte. Ltd. (MPT Asia), acquired 100 percent of CIIF Infrastructure Holdings Sdn Bhd (CIIF) and CAIF III Infrastructure Holdings Sdn Bhd (CAIF III).

CIIF and CAIF III held 20 percent and 4.98 percent equity interest in MUN, respectively.

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This indirect acquisition through CIIF and CAIF III will be in addition to the existing indirect equity interest of MPTC in MUN through its wholly-owned Indonesian subsidiary PT Metro Pacific Tollways Indonesia, which controls 75.89 percent of PT Nusantara Infrastructure Tbk, which in turn holds around 74.98 percent equity interest in MUN. /gsg

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TAGS: business news, Indonesia, latest news, Metro Pacific, MPIC, tollroad
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