METRO PACIFIC Tollways Corp. (MPTC), the tollway unit of Metro Pacific Investments Corp. (MPIC), has deferred its plan to divest up to a 20% equity stake, according to its chairman.
“There was talk about [selling up to a 20% stake] but it has not happened yet. Maybe [we] will not push through with it,” MPTC Chairman Manuel V. Pangilinan told reporters on the sidelines of PLDT Inc.’s annual stockholders’ meeting.
Mr. Pangilinan declined to disclose the reason for pausing the divestment plan.
In April, Mr. Pangilinan confirmed that Mitsui & Co. Ltd. had expressed interest in acquiring up to a 20% stake in MPIC’s entire shareholding in MPTC.
The potential sale was part of MPIC’s strategy to raise P30 billion to P50 billion via private placement, intended to reduce MPTC’s outstanding debt.
MPIC had previously said that it was seeking to strengthen MPTC’s balance sheet in preparation for the possible revival of merger discussions with San Miguel Corp.
As for the capital-raising initiative, Mr. Pangilinan said discussions with potential investors are ongoing.
MPIC is one of three key Philippine subsidiaries of Hong Kong-based First Pacific Co. Ltd., alongside Philex Mining Corp. and PLDT Inc.
Hastings Holdings, Inc., a unit of the PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., holds a majority interest in BusinessWorld through the Philippine Star Group, which it controls. – Ashley Erika O. Jose
