Villar-led Prime Asset Ventures, Inc. (PAVI) has signed implementing agreements for its acquisition of the four-kilometer Muntinlupa Cavite Expressway (MCX) from Ayala Corporation.
The signing ceremony held at Brittany Hotel in Bonifacio Global City was attended by Vista Land Chairman Manuel Villar, Jr. and Ayala Corporation President & CEO Cezar Consing.
“This momentous event shows our resolve to provide our countrymen better services in the area of roads and toll ways. You’ll be surprised of the many wonderful things to come in Villar City,” Villar said.
“Ayala developed MCX over a decade ago to connect Metro Manila to Imus, Dasmarinas and Bacoor in Cavite, which were experiencing rapid growth. MCX succeeded in relieving traffic congestion and reducing the travel time between Metro Manila and Cavite. The sale of MCX represents another example of our recycling capital to benefit from opportunities in our core and emerging businesses,” Consing said.
The Department of Public Works and Highways had given its consent for the transfer of ownership from AC to the Villar Group on July 19, 2023.
The Villar Group continues to expand its investment portfolio from its core businesses on housing, retail, food, water, power, and utilities, to integrated resorts and entertainment.
Present during the signing were Villar Group representatives Sen. Mark Villar, Las Piñas Rep. Camille Villar, PAVI President Maribeth Tolentino; Maryknoll Zamora, CFO, PAVI; and other top executives.
Meanwhile, aside from Consing, Ayala Group was represented by Fernando Zobel de Ayala, Special Advisor to the Board, Ayala Corp.; Jose Rene Gregory Almendras, Chairman and President, MCX Project Co.; Alberto de Larrazabal, President, AC Infra/CFO, Ayala Corp.; Noel Kintanar, President, MCX Tollway, Inc.; Solomon Hermosura, Corporate Secretary, Ayala Corp.; Mildo Sison, Corporate Secretary, MCX Project Co./Legal Counsel, AG Legal; Fatima Agbayani, CFO, MCX Project Co. and AC Infra; and Wilma Zapata, CFO, MCX Tollways; among others.