DMCI completes sale of expressway stake
DMCI Holdings Inc., the investment company of the Consunji family, said Tuesday it has completed the sale of its entire 25.11-percent stake in the concessionaire of the Tarlac-Pangasinan-La Union expressway for P1.827 billion.
DMCI said in a disclosure to the stock exchange the conglomerate and its wholly-owned subsidiary DM Consunji Inc. concluded the sale of their respective shares in Private Infra Dev Corp. to San Miguel-led Rapid Thoroughfares Inc.
DMCI’s interest consists of 1,449,681 shares, which correspond to 24.29 percent of PIDC’s outstanding capital stock, while DM Consunji’s interest consists of 49,002 shares, which are equivalent to 0.82 percent of PIDC’s outstanding capital stock.
Data showed that at P1,229 per share, the total value of the transaction reached P1.827 billion.
The acquisition will make San Miguel the single biggest shareholder of Private Infra with 70.11-percent stake in the company. Prior to the transaction, San Miguel owned a 45-percent interest in the toll road concessionaire.
The other remaining shareholder of Private Infra is DM Wenceslao & Associates.
TPLEX is an 88.58-kilometer, two-lane toll road stretching from La Paz, Tarlac to Rosario, La Union.
PIDC opened the first section of the project, a 49-kilometer stretch from Tarlac to Gerona on Oct. 31, 2013. Another 14-km stretch from Carmen to Urdaneta was opened to the public in December 2014.
The last section from Urdaneta to Rosario is targeted for completion by end of 2015. Once completed, it will reduce significantly the current travel time from Manila to Baguio.
The entire length of the tollway will have nine exits: La Paz in Tarlac City, Victoria, Gerona, Paniqui and Moncada in Tarlac; Rosales, Urdaneta City, and Pozorrubio in Pangasinan; and Rosario in La Union.
TPLEX is one of several infrastructure projects in SMC’s infrastructure portfolio and its first greenfield tollway project.
TPLEX connects the central and northern Luzon provinces to Manila and beyond through the Subic-Clark-Tarlac Expressway and the North Luzon Expressway.