Wednesday, August 27, 2008 North Luzon Expressway sold
LISTED investment and management firm Metro Pacific Investments Corporation (MPIC) has acquired North Luzon Expressway (NLEX).
The investment company signed the Sale and Purchase Agreement with First Philippine Holdings Corporation (FPHC) and Benpres Holdings Corporation (Benpres) recently.
With the signing, MPIC will control 67.1 percent effective interest in Manila North Tollways Corporation (MNTC), the concession holder of NLEX, and 46 percent effective interest in Tollways Management Corporation (TMC).
“We are very much pleased with the progress of this transaction and look forward to its closing and completion in November 2008. Once completed, this places MPIC in the forefront of infrastructure development in the Philippines,” said MPIC president and chief executive officer Jose Ma. K. Lim.
MPIC will pay Benpres a total of P12.262 billion where P11.8 billion to be settled in cash on closing and the assumption by MPIC of certain advances amounting to P462.6 million.
In addition, the Tender Offer to be made by MPIC to the Public Shareholders, equivalent to a per share price of P2.46705, will amount to approximately P19.7 million.
The Proposed Acquisition and the Tender Offer will be funded initially by shareholder advances from First Pacific Company Limited, and internally generated funds.
MNTC was granted the Supplemental Toll Operating Agreement in June 1998 to finance, design, construct, operate and maintain the toll roads, toll facilities and other facilities generating toll-related income, in respect of NLEX. (MSN/Sunnex)
