MPIC Selling Up to 20% Stake in Tollways Unit

Expressway giant Metro Pacific Tollways Corp. (MPTC), a company 93.3 percent owned by conglomerate Metro Pacific Investments Corp. (MPIC), is raising fresh capital with the entry of a new investor.

- Richmond Mercurio

MPIC chairman Manuel V. Pangilinan said the company is selling as much as a 20-percent stake in MPTC to raise funds for debt payments.

Pangilinan said the sale could raise several billions for the company.

"The main use will be the reduction of debts MPTC has," he said.

Pangilinan declined to identify the potential investors the group is in talks with but said it is now "down to one."

"We're down to the short strokes," he said.