MPIC-SMC JV expected by second half; Indonesian assets included

METRO PACIFIC Investments Corp. (MPIC) said the Indonesian assets of its toll road arm Metro Pacific Tollways Corp. (MPTC) will be included in the planned joint venture (JV) with Ang-led San Miguel Corp. (SMC).

“I think we will sign an agreement within the year… By the second half, that’s for certain,” MPIC Chairman, President, and Chief Executive Officer Manuel V. Pangilinan told reporters on Tuesday.

“They (Indonesian assets) are [included],” he added.

Mr. Pangilinan previously said that the JV will be “a significant company” with a starting EBITDA (earnings before interest, taxes, depreciation, and amortization) of around P50 billion.

The two parties also aim to publicly list the company within the year. 

MPTC, through Metro Pacific Tollways Asia, holds 76.31% share in PT Nusantara Infrastructure in Indonesia. 

Earlier, MPIC said that it was finalizing the approval of its foreign shareholders as well as Congress’s approval for its franchise applications.

In 2023, MPTC announced that it would defer its initial public offering to 2025, citing the company’s intention to weigh its options amid a plan to form a joint venture company with SMC.

MPIC is one of the three key Philippine units of Hong-Kong based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT Inc.

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