MPIC hikes stake in Indonesia infra firm

The tollways arm of Metro Pacific Investments Corp. (MPIC) has further raised its stake in Indonesian infrastructure company PT Nusantara Infrastructure Tbk, the company announced yesterday.

Metro Pacific Tollways Corp. (MPTC), through Indonesian subsidiary PT Metro Pacific Tollways Indonesia (PT MPTI), has acquired an additional equity interest of 4.99 percent of the total issued capital stock of PT Nusantara for about P597.33 million.

Together with an earlier share acquisition, MPIC said PT MPTI now holds a total of 53.26 percent of the total issued capital stock of PT Nusantara on a fully-diluted basis.

“The transaction is expected to enhance profitability and strengthen the balance sheet of MPTC,” MPIC said in a statement.

PT Nusantara is an Indonesian infrastructure company with interests in tollways, port operations, water, energy, and telecommunications.

The company operates a total of 34.47 kilometers in toll roads in four places in Indonesia–connecting an airport, a seaport, and business districts.

MPTC, on the other hand, is the leading tollways developer and operator in the Philippines, operating the 84-kilometer North Luzon Expressway, 94-kilometer Subic Clark Tarlac Expressway and the 14-kilometer Manila Cavite Toll Expressway.