MPIC still open to buyout of MRT3
Metro Pacific Investments Corp. remains keen on buying out the government and private investors in Metro Rail Transit (MRT) Line 3.
The move is in line with its goal to take over the assets and operations and maintenance of the system.
“There’s no proposal yet, but we said in principle were prepared to do that,” said MPiC chairman Manuel V. Pangilinan.
The government through Land Bank of the Philippines and the Development Bank of the Philippines owns an aggregate 80 percent of the MRT 3, while the balance is held by creditors of Metro Rail Transit Corp.
To recall, MPIC signed a deal with various MRT3 shareholders to acquire the government’s stake in the railway system for $1.1 billion.
MPIC along with Ayala Corp. last week submitted an unsolicited proposal to the Department of Transportation to rehabilitate the MRT3 system for P12.5 billion.