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Mitsui eyes MPIC stake in toll unit
A Japanese joint venture, Mit-Pacific, is looking to increase its ownership in Metro Pacific Tollways Corp. (MPTC) through an equity sale.
Mitsui & Co. Ltd. has expressed interest to buy Metro Pacific Investment Corp.'s (MPIC) 20% stake in MPTC before merger negotiations with San Miguel Corp. resume.
MPTC aims to raise P30 billion to P50 billion from this transaction to help settle its substantial debts, which account for most of MPIC's P64.99-billion short-term debt as of end-2024.
MPTC's chairman, Manuel V. Pangilinan, stated that the company needs to reduce its debt before proceeding with merger discussions with San Miguel Corp.'s toll business.
Mitsui & Co. Ltd. has already converted half of their MPIC shares to shares of MPTC.
Last year, MPIC signed a deal with Mit-Pacific Infrastructure Holdings Corp. for a share buyback and exchangeable bond issuance.
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