Business

Makati City takes P1.08B worth of shares in subway builder

The Makati City local government has taken a 10.65 percent stake in the publicly-listed firm building the Makati City Subway Project.

In its disclosure report, Philippine Infradev Holdings Inc. said Makati City held an 722.32 million shares of the company. At current market prices, these shares are worth P1.08 bllion.

The Securities and Exchange Commission had earlier approved the issuance of 656.655 million preferred shares worth P1 each in exchange for Makati properties owned by City Hall. Makati had partnered with Infradev to build a 10-station, 10-kilometer subway in the country’s financial district with a project cost of $3.5 billion. The project is set for completion in 2025.

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