MPTC unit completes tender offer for Indonesia infrastructure firm

Metro Pacific Investments Corp., through Metro Pacific Tollways Corp., has completed a mandatory tender offer that allowed it to raise its stake in an Indonesian infrastructure company to 77.9 percent.

In a disclosure yesterday, MPTC, through its Indonesian subsidiary PT Metro Pacific Tollways Indonesia (PT MPTI), said it acquired an additional interest of 4.99 percent of the total issued capital stock of infrastructure firm PT Nusantara Infrastructure Tbk (PT Nusantara).

PT MPTI submitted the mandatory tender offer plan to the Indonesian Financial Services Authority, which reviewed and cleared the offer.

As a result of the mandatory tender offer, a total of 3.76 billion PT Nusantara shares, equivalent to 24.68 percent, were tendered.

The total cost is equivalent to P2.86 billion. As a result, PT MPTI now owns a total of 77.94 percent of the outstanding capital stock of PT Nusantara, up from 53.26 percent.

PT Nusantara’s portfolio in Indonesia includes a wide array of infrastructure projects. These include toll roads, ports, energy and water projects.

Furthermore, the company holds the concession of Jakarta Outer Ring W1 section of Kebon Jeruk-Penjaringan, BSD Toll Road section of Pondok Aren-Serpong, BMN Toll Road Makassar for Soekarno Hatta Seaport-Pettarni and JTSE Toll Road for Tallo-Hasanuddin Airport toll section.

MPTC subsidiary PT Nusantara provides services to over 103 million customers, more than 210 vessels and 550,000 households.

Parent firm MPIC, meanwhile, operates major expressways in the country including the North Luzon Expressway, Subic-Tarlac Expressway and Manila-Cavite Toll Expressway.

The group is also part of the P26-billion Cebu-Cordova Link Expressway project, an 8.25-kilometer bridge that will connect Cebu City to Mactan Island via Cordova. This is slated for completion by 2020.

MPIC’s businesses include toll roads, infrastructure, hospitals, water service and power distribution, among others.