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Manila Bulletin devider Business devider The Stock Market devider RSA to bag majority stake in mega-tollway deal with MVP

RSA to bag majority stake in mega-tollway deal with MVP

Published Jun 11, 2026 04:19 pm
Ramon S. Ang and Manuel V. Pangilinan
Ramon S. Ang and Manuel V. Pangilinan
The proposed merger between the tollway businesses of San Miguel Corp. (SMC) and Metro Pacific Investments Corp. (MPIC) is on track for completion in the third quarter of the year, with the plan currently in the valuation stage.
MPIC Chairman Manuel V. Pangilinan confirmed that both companies are finalizing asset valuations, with SMC expected to hold the majority stake.
“We know where we will land—55 [percent] to 45 [percent], in their favor,” he told reporters.
Under this structure, SMC’s tollway unit will take a controlling stake in the planned joint venture, while MPIC’s Metro Pacific Tollways Corp. (MPTC) holds the minority share.
Talks had previously been slowed by MPTC’s debt load, which Pangilinan noted needed to be addressed ahead of the consolidation.
To manage its consolidated debt—which stood at approximately ₱200 billion last year—MPTC recently raised ₱20 billion from a maiden issuance of fixed-rate bonds. When asked if any roadblocks remain, Pangilinan answered in the negative, indicating that the company has successfully strengthened its balance sheet.
To further reduce the complexities of the joint venture, Pangilinan said the deal will now exclusively involve MPTC’s domestic road network. Previously, MPTC’s Indonesian infrastructure projects were on the table to help boost its asset valuation, which sits lower than SMC's.
According to its website, MPTC—through Metro Pacific Tollways Asia—holds a 92.8 percent share in PT Nusantara Infrastructure, which owns concessions across western and eastern Indonesia. MPTC also maintains toll operations in Vietnam via a 44.9 percent stake in CII Bridges & Roads.
In the Philippines, MPTC operates some of the country’s busiest expressways, including the North Luzon Expressway (NLEX), Subic-Clark-Tarlac Expressway (SCTEX), Manila-Cavite Expressway (CAVITEX), Cavite-Laguna Expressway (CALAX), and Cebu-Cordova Link Expressway (CCLEX).
Meanwhile, SMC’s tollway arm, SMC Tollways Corp., manages the Skyway System, Tarlac-Pangasinan-La Union Expressway (TPLEX), Southern Tagalog Arterial Road (STAR Tollway), South Luzon Expressway (SLEX), and NAIA Expressway (NAIAx).

Related Tags

San Miguel Corp. (SMC) Metro Pacific Tollways Corp. (MPTC) Metro Pacific Investments Corporation
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