MPIC looking to sell up to 30% of tollways unit to cut P200B debt

Metro Pacific Investments Corp. (MPIC) is revisiting plans to divest up to 30% of its stake in its tollway unit, Metro Pacific Tollways Corp. (MPTC), to reduce its P200 billion debt.

MPIC is looking for a potential investor, preferably a "like-minded organization" with tollway operations experience, to acquire between 20% and 30% of its stake in MPTC and its Indonesian unit.

MPIC Chair Manuel V. Pangilinan stated that merger talks with San Miguel Corp. (SMC) are on hold until the tollways' financial health improves, with an IPO also deferred due to the debt.

Pangilinan emphasized that the immediate priority is to improve tollways management and strengthen the company's balance sheet.

MPIC is exploring options such as private placements, finding a strategic or financial partner for equity raising, and bond issuance to address its debt.