Macro Group acquires 15% of NLEE project proponent

MANILA, Philippines - Ausphil Tollways Corp., private proponent of the North Luzon East Expressway (NLEE) project, announced recently the purchase by the Macro Group of the remaining 15 million stapled shares of the corporation.

Ausphil has an authorized capital stock of 100 million shares which are fully subscribed and paid. The Ausphil board approved the increase in capitalization last year and is in the process of increasing its authorized capital stock to one billion shares, inclusive of 800 million class “B” shares reserved for institutional infrastructure investors.

Ausphil president and CEO Ricardo L. Penson said the entry of Macro is “strategic to the immediate implementation of the proposed P10-billion, 56 kilometer tollroad project from Commonwealth Ave. at La Mesa Park, Quezon City to Baliwag, Bulacan under the build-operate-transfer scheme in answer to President Arroyo’s call for infrastructure stimuli from the private sector”.

Penson said, “Macro can ensure continuous delivery of the Geofoam EPS critical to the structural integrity and construction timeline of the NLEE as exclusive manufacturer and installer. It is an integral part of the new technology package being introduced by Ausphil for the project”.

Early last year, Egis Projects SA of France, the partner/operator of the North Luzon Expressway (NLEX) and the Subic-Clark-Tarlac Expressway (SCTEX) acquired 25 percent of Ausphil after a long drawn share purchase negotiation.

Egis’ subsidiary Egis Road Operation Philippines further acquired 40 percent of La Mesa Parkways Corp., the designated project operations and maintenance company. Penson further confirmed “Ausphil is consistent to its share price index developed by KPMG Corporate Finance Australia Ltd for shareholder value and to its adopted innovative business model”.

Macro Industrial chairman and CEO Macario L. Gaw said: “We are very excited to be part of Ausphil and will do our share to contribute to its success. Ausphil has a lean and mean management dedicated to keeping the Philippines on the Asia Pacific engineering map.”

The NLEE’s novel engineering design has been lauded by Asia Infrastructure in Sydney, Australia in 2004 specifically for its integration of catchment for at least 15.2 million cubic meters of rainwater collection for the La Mesa reservoir. Its use of the MWSS right of way includes the development of the La Mesa Eco Park which it spearheaded in 2004 and the Montalban watershed for ecotourism.

In a related development, Ausphil submitted a proposal for the use of four low friction turbines in tandem along the high pressure pipes to initially generate 35 megawatts of hydroelectric power for the proposed construction and development of the Aqueduct 6 phase II project of the MWSS.