MPTC to sell stake in Vietnam firm

Metro Pacific Tollways Corp. (MPTC) will sell its Vietnam operations for at least P4 billion to simplify its business structure in preparation for the possible merger with the toll road operations of San Miguel Corp. (SMC).

- ELIJAH FELICE ROSALES

Tycoons Manuel V. Pangilinan and Ramon S. Ang are making progress in negotiations to combine their expressway units, as they started to brainstorm the possible projects that they will work on, such as an elevated toll road on C5 Road and EDSA.

As their talks gain headway, MPTC plans to dispose of its 44.9 percent stake in CII Bridges and Roads Investments Joint Stock Co. (CII B&R), the concessionaire for Hanoi Highway Expansion Phase 2 and the Rach Mieu Bridge in Vietnam.

"The complicating factor (for the merger) is that we have Indonesian operations. We will sell our Vietnam stake so our business structure will be simpler, so Vietnam is not part of the equation," Pangilinan told The STAR.

MPTC president and CEO Rogelio Singson confirmed to The STAR that the company is looking for a buyer for its share in CII B&R. He said MPTC expects to raise about P4 billion from the sale.