MPTC, GIC sign $1-B deal for Indonesian toll road stake
The MVP Group widened its infrastructure footprint in Southeast Asia after Metro Pacific Tollways Corp. (MPTC), along with partner Singaporean investor GIC, inked the $1-billion deal to acquire a 35-percent stake in the 676-kilometer Trans-Java toll road in Indonesia.
The signing with state-backed Indonesian toll firm PT Jasamarga Transjawa Tol (JTT) was held on June 28 in Jakarta.
The JTT road network, comprising 13 toll interchanges, traverses West Java, Central Java and East Java. It services 850,000 motorists every day.
“This deal fortifies MPTC’s goal to expand in Southeast Asia and enhance our infrastructure portfolio. This expansion in Indonesia aligns well with our commitment to improve our regional presence in toll road operations,” MPTC president and CEO Rogelio Singson said in a statement on Monday.
Expansion
In return, the local tollway company said the investment would allow JTT to raise funds and expand toll road networks across Indonesia.
Manuel V. Pangilinan, chair and president of MPTC parent company Metro Pacific Investments Corp. (MPIC), previously said this deal would bring in P30 billion annual revenues for the company.
MPTC has concessions to operate four tollway projects, spanning nearly 39 km in total, in Indonesia. These include Jakarta Lingkar Baratsatu (Jakarta International Airport Toll Road), Bintaro Serpong Damai (Commuter Road), Jalan Tol Seksi Empat (Makassar International Airport Toll Road) and Makassar Metro Network (Harbour Road).
Meanwhile, MPTC operates in Vietnam a 120-km expressway network, which includes DT741, PRTC 1 and 2, Rach Mieu 2 and Co Chien.
Locally, the Pangilinan-led toll operator’s network spans 284 km. Its network includes North Luzon Expressway (NLEx), Manila-Cavite Expressway (Cavitex), NLEx Connector, Cavite-Laguna Expressway, Subic-Clark Tarlac Expressway and Cebu-Cordova Link Expressway.
The Metro Pacific group is also establishing a potential mega tollway company with Ang-owned San Miguel Corp. after the parties announced a collaboration last year for an 88-km toll road in Southern Tagalog.
The P72-billion project, set to break ground this year, will traverse Silang, Amadeo, Tagaytay, Indang, Mendez and Alfonso in Cavite and will link motorists to Nasugbu and Bauan, Batangas.
