BIZ BUZZ: Another snag for MVP, SMC firms
Talks about the union of the toll units of Metro Pacific Investments Corp. (MPIC) and San Miguel Corp. (SMC) have been going on a seesaw ride lately. After initially halting discussions, Metro Pacific Tollways Corp. (MPTC) chair Manuel Pangilinan said they were ready to resume talks with SMC.
But it’s not just these two multibillion-peso companies that are having some trouble.
An MPIC official recently told reporters that even meetings with a strategic investor for the conglomerate’s 30-percent stake in MPTC has hit a snag.
According to the source, the brakes were hit when US President Donald Trump declared his “Liberation Day” tariffs in April.
“When Trump issued the tariffs, everybody became cautious,” the source said, adding that MPIC has yet to get back to the investor.
“Maybe we should,” they added. “Maybe we should. When Holy Week happened and then Trump’s tariffs, talks have been on pause.”
This may actually be the right thing to do. After all, MPIC chair, president and CEO Pangilinan himself has said the share sale with the local investor (still unnamed and, yes, they’re not SMC; they’re an entirely different investor, according to the source) would help them reduce MPTC’s debt.
After that, they can finally do the merger, Pangilinan said.
The question now is whether MPIC will be true to its word; we’ve been waiting for this grand union for quite some time now.
