By Chino S. Leyco
The National Government (NG) failed to unload its stake in Pangilinan-led Tollways Management Corp. (TMC) last week, the Privatization and Management Office (PMO) announced late Friday.
Gerard L. Chan, PMO chief, said they declared a failed bidding for the 76,000 TMC common shares being sold by the NG for at least P2.58 billion.
“No bidder showed up today, hence a failure of bidding,” Chan told reporters when asked about the result of the scheduled opening of bids last Friday.
Following the failed sale, Chan said that PMO would need to wait for the directive coming from Privatization Council regarding the state-asset.
“No updates yet as of now,” the PMO chief said when asked if the council has given them initial instructions about the TMC stake.
The government’s 20 percent stake in TMC, which is a subsidiary of Metro Pacific Tollways Corp. and operates North Luzon Expressway (NLEX), has been placed on the auction block through the competitive public bidding last February.
The Caloocan-based TMC, a former subsidiary of Metro Pacific Investments Corp., operates NLEX Corp. that manages and maintain the 96-kilometer tollways in northern Luzon.
NLEX Corp. is also the builder-concessionaire and operator of 94-kilometer Subic-Clark-Tarlac Expressway (SCTEX). Both NLEX-SCTEX facilities operate 24/7 accommodating more than 200,000 motorists per day.
The NLEX Corp. also holds the concession for the NLEX Connector, an 8-kilometer all-elevated highway to be built along the PNR right of way, extending the NLEX southward from the end of NLEX Harbor Link Segment 10 in C3/5th Avenue, Caloocan City to PUP Sta. Mesa, Manila.