Japanese partner eyes higher stake in MPTC

A Japanese joint venture is planning to raise its stake in Metro Pacific Tollways Corp. (MPTC) in a transaction that could lay the groundwork for one of the biggest mergers in the Philippines.

- By ELIJAH FELICE ROSALES

MPTC is looking to secure fresh funds through an equity sale to Mit-Pacific, the joint venture between Mitsui & Co. Ltd. and the Japan Overseas Infrastructure Investment Corp. for Transport and Urban Development.

Mit-Pacific owns a 6.6-percent stake in MPTC as part of the P12-billion agreement it signed with Metro Pacific Investments Corp. (MPIC).

MPIC chairman Manuel V. Pangilinan confirmed to reporters that Mit-Pacific is bent on scaling up its ownership in MPTC. For MPTC, the deal could mean raising at least P30 billion that it can use for debt payment.