MPTC pauses merger talks with SMC to focus on debt payment

MANILA, Philippines - Metro Pacific Tollways Corp. (MPTC) has postponed merger talks with San Miguel Corp. (SMC) to prioritize fundraising for debt payment, according to Chairman Manuel V. Pangilinan.

MPTC plans to raise funds in the next two to three months through bank loans or private investors to manage its P145-150 billion debt, the highest among MPIC units. While the SMC merger remains a goal, there is no set timeline, though Pangilinan hopes to complete it this year. MPTC prefers a 50-50 split in the merger but may adjust the structure, especially if international assets are included.

MPTC is also expanding internationally with a $1 billion investment deal with Singapore’s GIC Pte. Ltd., acquiring a 35% stake in Indonesia’s major toll road operator, PT Jasamarga Transjawa Tol, which operates a 676-km section of the Trans-Java toll road, serving 700,000 to 800,000 vehicles daily.

The project is expected to bring in P30 billion in annual revenue, strengthening MPTC’s tollway assets alongside SMC.