Filed Under: Economy and Business and Finance, Banking, Transport MANILA, Philippines -- A unit of Hong Kong-listed First Pacific Co. has taken control of a key toll road for P12.26 billion ($250.24 million), the parties in the sale said Thursday.
Metro Pacific Investments Corp.'s purchase of First Philippine Infrastructure Inc. gives it a 67.1 percent stake in franchise holder Manila North Tollways Corp. as well as 46 percent equity in Tollways Management Corp.
Tollways Management operates the 83.7-kilometer (52-mile) North Luzon Expressway (NLEX), the main artery linking Manila to the northern Philippines and the nearby 8.5-kilometre Subic-Tipo Expressway.
The deal, Metro Pacific's first major venture into transportation, also gives it the contract to build another link between NLEX and the port of Manila.
The First Pacific unit also distributes tap water to the western half of Manila and has interests in property development as well as the Philippines' first nationwide hospital chain.
"Our investment (in the toll road) will be the base of our assets in infrastructure that will provide increased opportunities and profitability for Metro Pacific," its president and chief executive Jose Maria Lim said in a statement.
Separately, First Pacific is also a key shareholder in leading telecom carrier Philippine Long Distance Telephone Co.
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