The Metro Pacific group has unloaded its minority curiosity in a 21-kilometer elevated toll road in Bangkok, Thailand, elevating $149 million that may be diverted to different tollway tasks.
FPM Tollway (Thailand) Ltd., an oblique subsidiary of Metro Pacific Tollways Corp. (MPTC), agreed to promote all of its stake in AIF Toll Roads Holdings (Thailand) Co. Ltd., which owns about 29.45 % of Thai toll road operator Don Muang Tollway Public Co. Ltd. (DMT).
“MPTC has decided to take advantage of the increased interest from third parties to acquire MPTC’s entire shareholdings in DMT,” guardian conglomerate Metro Pacific Investments Corp. (MPIC) disclosed to the Philippine Stock Exchange on Wednesday.
“The transaction will allow MPTC to realize a gain on its investment in DMT and benefit from the increased liquidity. The proceeds from the sale will be used to fund MPTC’s other projects,” MPIC added.
The transaction can be seen to strengthen the stability sheet of MPTC.
The shares have been offered to a gaggle of traders that included DMT chair Sombath Phanichewa, an present shareholder of DMT. Other consumers included Ademas Co. Ltd., varied members of the Wachirapong household which is engaged in varied investments and Thai people Annop Limpraset, Walaiporn Somphakdee and Paway Chuengsappaisan.
The buy value was decided after an arm’s size negotiation between FPM Tollway and the purchasers, after making an allowance for the AIF Toll Road’s 29.45 % curiosity in DMT, the worth of the belongings and enterprise of DMT and former provide acquired by FPM Tollways and MPTC, the disclosure mentioned.
The group of businessman Manuel Pangilinan made its first funding in DMT in 2013 and raised its stake in the next 12 months as a part of a thrust to diversify into infrastructure tasks in different markets in Southeast Asia.
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