Business

Down the road: MVP eyes Metro Pacific toll road IPO in 2023

Bilyonaryo Manny V. Pangilinan is planning an initial public offering of its Metro Pacific Investments’ (MPI) tollway subsidiary in 2023.

Bilyonaryo Manny V. Pangilinan is planning an initial public offering of its Metro Pacific Investments’ (MPI) tollway subsidiary in 2023.

This was revealed by company officials during a briefing last week.

Metro Pacific Tollways Corp. is the country’s largest toll road operator with 223 kilometers of expressway in Central and Southern Luzon – North Luzon Expressway (NLEX), Cavite Expressway (CAVITEX), Subic–Clark–Tarlac Expressway (SCTEX) and Cavite-Laguna Expressway (CALAX).

Officials said the completion of MPTC’s toll road projects over the next two years would pave the way for the public listing of the tollways group.

The group would need the money for its massive P96 billion expansion program to lay down 71 kilometers of expressway until 2026. MPTC also has plans to expand in Vietnam and Indonesia.

MPTC, chaired by the 74-year old Pangilinan, is expected to complete at least P28 billion worth of toll projects by 2022:

* Section 1 of the NLEX-CAVITEX port link expressway between Navotas Interchange and Anda Circle, Bonifacio Drive in Manila (P10 billion, 5.1 kilometers);

* Section 3 of NLEX-CAVITEX port link linking Paranaque and Gil J. Puyat Avenue in Makati (P12 billion, 4.8 kilometers);

* C5 North Link of NLEX connecting Harbor Li k with Quezon City (P2 billion, 2 kilometers); and

* Section 3B of C5 South Link hooking up Cavitex to C5 Expressway (2 kilometers).

MPI had previously planned an IPO for its hospital subsidiary in 2019 but decided instead to sell 42.5 percent to private equity firm KKR for $684.5 million.

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