The proposed merger between Metro Pacific Tollways Corporation and SMC Tollways of San Miguel Corporation may be closed as early as July this year with the signing of a definitive agreement.
In an interview at the sidelines of the PLDT annual stockholders’ meeting, Metro Pacific Investments Chairman, President and CEO Manuel V. Pangilinan said that, “the numbers are already formed. So it will be done. It's just a question of time.”
“What we're waiting for there, the last major piece, is the closing of the Trans-Java toll road. Because it's big. That's 676 kilometers of finished toll roads in Indonesia. And they have about 700,00 to 800,000 vehicles per day. So it's a big, big toll road.
“So, from an evaluation standpoint, it's important to us because it's valuable, because the deal with San Miguel is 50-50,” he explained.
Banking sources said the inclusion of the Indonesia toll road in the deal will boost the valuation of MPTC’s assets which are currently lower than that of SMC’s tollroads.
It was reported last March that SMC President and CEO Ramon S. Ang said “We will finalize this very soon, maybe in the next few months. The reason why I cannot say ‘yes’ entirely is we need to evaluate the Indonesian tollway, but Indonesia’s economy is very promising.”
MPTC controls the North Luzon Expressway, Subic-Clark-Tarlac Expressway, Manila-Cavite Expressway, Cavite-Laguna Expressway, and Cebu-Cordova Link Expressway while SMC manages the Tarlac-Pangasinan-La Union Expressway, Skyway System, Southern Tagalog Arterial Road, South Luzon Expressway, and NAIA Expressway.
Through Metro Pacific Tollways Asia, MPTC holds a 76.31 percent stake in PT Nusantara Infrastructure which owns infrastructure concessions in both the western and eastern portions of Indonesia.
It operates businesses in transportation, toll roads, communication, and distribution networks.
In 2019, MPTC announced that it had purchased a significant share of PT Jasamarga Jalanlayang Cikampek, the concessionaire of the Sheikh Mohamed Bin Zayed Elevated Toll Road, which is a 38-kilometer flyover aimed at decongesting traffic in Jakarta.