MPIC buys stake in Vietnam toll road
Metro Pacific Tollways Corp. said Wednesday it completed the acquisition of a 45-percent stake in a toll road operator in Vietnam.
The tollway unit of Metro Pacific Investment Corp. acquired the significant minority equity interest of CII Bridges and Roads Investment Joint Stock Company through a a combination of purchase of CII B&R secondary shares from Ho Chi Minh City Infrastructure Investment Joint Stock Company and subscription to VND-denominated bonds issued by CII.
The transaction was valued at $90 million.
CII B&R is a toll road company located in Ho Chi Minh City in Vietnam with about eight toll road and bridge projects with approximately 123 kilometers in total. Existing traffic is about 46 thousand vehicles a daily.
CII B&R has a rich project portfolio comprising of five operating projects, namely New Rach Chiec Bridge Project, Phan Rang – Thap Cham Bypass (Phase 1), DT741 Road Project, Sai Gon 2 Bridge B.T. Project and Rach Mieu Bridge (Phase 1) B.O.T. Project.