MPTC mulls delisting from bourse

MANILA, Philippines – Listed Metro Pacific Investment Corp. (MPTC) tollway unit, Metro Pacific Tollways Corp. (MPTC), is eyeing the possibility of delisting from the Philippine Stock Exchange (PSE) to avoid having to comply with the minimum 10-percent public float requirement.

Ramon Fernandez, president and chief executive officer of MPTC, pointed out that there was no need for the company to remain listed since it saw no immediate need to raise funds.

“I think the indication is we might delist,” Fernandez told transportation reporters at the sidelines of the launch yesterday of MPTC subsidiaries, the Manila North Tollways Corp. (MNTC) and Tollways Management Corp. (TMC) of their “Safe Trip Mo, Sagot Ko” motorist assistance program for the coming Holy Week break.

MNTC is the builder and concessionaire of the 84-kilometer North Luzon Expressway (NLEX), and under a temporary service agreement with the Bases Conversion and Development Authority (BCDA), owner of the Subic-Clark-Tarlac Expressway (SCTEX), operates and maintains the SCTEX.

MPTC has forged a 25-year operation and management concession contract with BCDA for SCTEX but the deal has yet to get final approval from Malacañang.

“There is no urgency to raise money,” Fernandez said.

Companies list in the stock market to raise funds by selling shares.

Fernandez said MPTC has enough internal funds to fund their “capital expenditure requirements for this year.

He said that for 2012, they have earmarked a capital expenditure outlay of P300 million for the integration of NLEX and SCTEX, and P1 billion for the NLEX Harbor Link Segment 9 project.

Segment 9 involves the Harbor Link, a 2.4-kilometer tollway linking NLEX to MacArthur highway in Valenzuela City.

MNTC also has a plan for Segment 10, a 5.6-kilometer expressway from MacArthur highway to the Manila North Harbor in Manila.

Fernandez said MPTC is targeting a modest growth of two to three percent in revenues for NLEX despite the rising price of oil.