MPTC, SMC to merge Indonesian assets, aim public listing by year-end

The Indonesian assets of Metro Pacific Tollways Corp. (MPTC) will be included in its potential merger with San Miguel Corp. (SMC), expected to be signed within the second half of 2024.

Manuel V. Pangilinan, MPTC's chairman, confirmed during an interview that the Indonesian assets, valued at approximately $1 billion, are part of the merger talks and will likely be finalized by year-end.

Both companies aim to publicly list the joint venture within the same period, subject to government approval.

MPTC operates several tollways in the Philippines including NLEX, SCTEX, CAVITEX, CALAX, CCLEX, and the NLEX Connector, while SMC Tollways manages South Luzon Expressway, Skyway Stage 3, STAR, NAIA Expressway, and TPLEX.

SP New Energy Corp. (SPNEC), another unit of Metro Investments Corp., is in talks with five foreign players for a possible stake in Terra Solar Philippines, aiming to welcome two investors at most with a 20% stake each.