Business World, 29 January 2014
By Lorenz Christoffer S. Marasigan
Of the P18-billion Connector Road Project of Manila North Tollways Corp., the government has already approved the project alignment and design components, Toll Regulatory Board (TRB) Executive Director Edmundo O. Reyes said.
The financial component remains to be cleared. Mr. Reyes explained: âWe have to study first the financial submission, then, after that, approve it (the project).â
Last December, MNTC, the concessionaire of the North Luzon Expressway (NLEx), submitted its investment proposal to the toll body, asking for an amendment of the existing Supplemental Toll Operations Agreement (STOA).
âWeâre targeting a first quarter approval for the STOA itself,â Mr. Reyes noted.
MNTC President and Chief Executive Officer Rodrigo E. Franco said via text message that the firm plans to start constructing the road linkage project by July, if the contract should be approved by the first quarter of the year.
The amended agreement will allow the concessionaire to link its three road projects without the need to form a new contract.
The connector road, or Segment 10.2, is an eight-kilometer mainline road that will run from C-3 Road in Caloocan City to Polytechnic University of the Philippines in Sta. Mesa, Manila. It will also have 2.6-km port area spur road from C-2 Road to R10 in Tondo, Manila.
Under the amended agreement, Segment 10.2 will be linked to the P11.9-billion two-segment Harbor Link Project.
That project consists of a P1.9-billion, 2.4-km road linking NLEx to MacArthur Highway and a P10-billion, 5.65-km road from Mindanao Avenue, Quezon City, to Manila North Harbor.
The three projects, now collectively called the NLEx Metro Expressway Link, have an aggregate cost of P30 billion.
The project will be funded through 70% debt and 30% equity, Metro Pacific Tollways Corp. (MPTC) Chief Financial Officer Christopher Daniel C. Lizo said.
MPTC is a subsidiary of Metro Pacific Investments Corp., the local unit of Hong-Kong-based First Pacific Co. Ltd., which, in turn, is part-owner of Philippine Long Distance Telephone Company.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake inÂ BusinessWorld.
Malaya, 29 January 2014
The Toll Regulatory Board (TRB) targets to approve this quarter the revised Supplemental Toll Operation Agreement (STOA) to meet the scheduled start in construction of the P18-billion North and South connector road of the Â Manila North Tollway Corp. (MNTC)
InterAksyon, 29 January 2014
By Darwin G. Amojelar
MANILA – The Toll Regulatory Board (TRB) expects to approve the amended toll agreement of Manila North Tollways Corp (MNTC) for theÂ expressway linking north and south of Metro Manila within the first quarter of the year.
TRB executive director Edmund Reyes told reporters that the agency’s board already approved theÂ ”important items” of the project, such as the alignment and the design of the road in meeting last month.
“So, the next item is the financial. We are now studying the financial submissions. We areÂ targeting a first quarter approval for the STOA,” Reyes said, referring to the Supplemental Toll Operations Agreement.
Metro Pacific Tollways Development Corp (MPTDC), the key shareholder of MNTC, had submittedÂ an investment proposal for the P18 billion NLEX-SLEX Connector Road Project.
Under the amended STOA, the NLEX-SLEX Connector Road, which will be called Segment 10.2,Â would be integrated to Segment 10.1, a 5.65-kilometer road that starts where Segment 9 endsÂ on MacArthur Highway and stretches all the way to C3 Road.
Segment 9 is a 2.4-kilometer portion linking the NLEX to MacArthur Highway. The threeÂ projects would now be called NLEX Metro Expressway Link Project.
The P1.59-billion Segment 9 is expected to be completed in June, while the
Segment 10.1 in March.
Segment 10.2 is an eight-kilometer long road from C3 in Caloocan City to PolytechnicÂ University of the Philippines (PUP) campus in Sta. Mesa, Manila. Some portions of this segment willÂ be elevated above the railroad tracks of the Philippine National Road (PNR).
The five-kilomenter common alignment from PUP to Buendia in Makati City would be financed by Citra Metro Manila Tollways Corp.
After the construction, MPTDCÂ would be reimbursed part of the cost of the common alignment and the revenue sharing wouldÂ be 62.5 percent for Citra and 37.5 percent for MPTDC.
MNTC, which operates NLEX, has sealed a joint venture withÂ state-owned Philippine National Construction Corp (PNCC) â a move meant to facilitate construction of the NLEX-SLEX Connector Road Project.
PNCC is the holder of the NLEX franchise, which MNTC manages on behalf of the government.
Rodrigo Franco, president of MNTC said the company expects to start the construction of theÂ connector road by July this year and complete it in 2016.
The P26.7 billion Skyway Stage 3 project, which involves the construction of a 14.8-kilometer, six-lane elevated expressway that will connect the end of the Skyway in BuendiaÂ to Balintawak, is expected to start in April for completion in 36 months or by the first quarterÂ of 2017.
But San Miguel Corp (SMC) president Ramon S. Ang had said the company will try its best toÂ complete the project by June 2016. SMC is part owner of Citra Metro Manila.
InterAksyon.com is the online news portal of TV5, which like MNTC and MPTDC is a member of the MVP group of companies.
Philippine Daily Inquirer, 14 January 2014
By Miguel R. Camus
The group of businessman Manuel V. Pangilinan has increased its stake in the company operating North Luzon Expressway after buying portion of France-based Egis Projects SAâs holdings, a filing to the stock exchange showed on Monday.
Metro Pacific Investments Corp. said its indirect stake in NLEx operator Manila North Tollways Corp. would increase to 71 percent following the acquisition of Egisâ 3.9 percent stake for P1.42 billion.
Egis, which reportedly wanted to reduce its holdings in the company, will continue to own about 9 percent of Manila North Tollways. Other major shareholders of the tollway operator are Henry Syâs BDO Unibank Inc. and Philippine National Construction Corp.
The transaction, which was done through Metro Pacificâs tollroad arm Metro Pacific Tollways Corp., was completed after Pangilinanâs group exercised its right of first refusal to the shares of Egis.
This is the latest toll road deal for Metro Pacific, which has been eyeing acquisitions in the Philippines and overseas.
Last year, it participated in the acquisition of a minority stake in Thailandâs Don Muang Tollway Public Company Ltd., which has a 27-year concession ending in 2034 to operate a 21.9-kilometer elevated toll road that runs from central Bangkok to the northern part of the city.
Metro Pacific and parent First Pacific Co. Ltd. formed joint venture firm FPM Infrastructure Holdings Ltd., split 75-25 between them, respectively, to acquire 29.45 percent of Don Muang Tollway for P5.8 billion.
It was also open to further increasing its investment in the Thai tollroad company, Metro Pacific chief financial officer David Nicol said earlier.
The acquisition comes as Metro Pacific Tollways pursues the organic expansion of its existing tollroad amid a difficult regulatory environment.
The unit, for example, remains in long-running discussions with the government for the turnover of the 93.7-km Subic Clark Tarlac Expressway. It is also in negotiations with the government to start an elevated connector road linking NLEx to the South Luzon Expressway, operated by rival San Miguel Corp. and Indonesiaâs Citra Group.
Business World, 13 January 2014
By Lorenz Cristoffer S. Marasigan
Rappler, 13 January 2014
By Cherrie Regalado
MANILA, Philippines â The Manuel Pangilinan-led Metro Pacific Tollways Development Corporation (MPTDC) acquired additional shares in the Manila North Tollways Corporation (MNTC), increasing the firmâs stake to 71%.
In a disclosure to the Philippine Stock Exchange on Monday, January 13, the MPTDC said it has acquired the 3.9 % stake of France-based tollway operator Egis Project SA in the MNTC for P1.42 billion.
The deal was concluded on Friday, January 10, MPTDC said.
âOn 10 January 2014, Metro Pacific Tollways Development Corporation (MPTDC) entered into an agreement with Egis Projects SA to acquire additional 3.9% outstanding shares of Manila North Tollways Corporation,â the disclosure read.
MNTC is the concessionaire of the North Luzon Expressway (NLEx) which was previously owned by the Lopez group through its infrastructure arm, First Philippine Infrastructure Development Corporation (FPIDC).
MPTDC, the infrastructure arm of Metro Pacific Investments Corporation (MPIC), later purchased FPIDC, making MPIC the majority share-holder of the tollway concessionaire.
Other owners of the MTDC are Leighton Asia Ltd. of Australia, and the state-owned Philippine National Construction Corporation (PNCC), which holds the franchise for the operation of the expressway.
MTPDC president Rodrigo Franco earlier said that the firm would shell out as much asÂ P4 billion for the expansion of the 90-kilometer NLExÂ in a span of 2 to 3 years.
The funds, Franco said said, will be used to expand some sections of the expressway in Pampanga to decongest traffic.
The firm is also finalizingÂ a joint venture with PNCCÂ for the P23 billion toll road linking NLEx to South Luzon Expressway.Â âÂ Rappler.com
InterAksyon, 13 January 2014
By Darwin G. Amojelar
MANILA â The operator of the North Luzon Expressway (NLEX) expects the government to approve within the first quarter a project connecting the NLEX to the South Luzon Expressway (SLEX).
Manila North Tollways Corp (MNTC) has sealed a joint venture with state-owned Philippine National Construction Corp (PNCC) â a move meant to facilitate construction of the NLEX-SLEX Connector Road Project.
“But we know the proposal will go through the process of review and deliberation,” MNTC president Rodrigo Franco said in a text message.
He said the Toll Regulatory Board last December 17 tackledÂ the design and alignment of the NLEX-SLEX project.
“The other aspects are still to be discussed by the Board. The staff will need to evaluate the projects,” he added.
Under their joint venture, PNCC will get a six percent share in gross revenues and will maintain its 2.5 percent equity in the project.
Metro Pacific Tollways Development Corp (MPTDC), the key shareholder of MNTC, had submitted an investment proposal for the P22.95 billion NLEX-SLEX Connector Road Project.
Since the proposal is unsolicited, government rules require that the offer be subject to a Swiss challenge. To go around this requirement, MPTDC and PNCC amended the scope of an existing Supplemental Toll Operations Agreement (STOA) to include the NLEX-SLEX Connector Road.
The STOA covers the construction of Segment 10, a 5.65-kilometer road that starts where Segment 9 ends on MacArthur Highway and stretches all the way to C3 Road. Segment 9 is a 2.4-kilometer portion linking the NLEX to MacArthur Highway.
PNCC is the holder of the NLEX franchise, which MNTC manages on behalf of the government.
The project is expected to be completed on June 2016, or before the end of the term of President Benigno S. Aquino III.
InterAksyon.com is the online news portal of TV5, which like MPTDC is chaired by Manuel V. Pangilinan.