DMCI sells TPLEX shares to SMC

MANILA, Philippines - The Consunji Group is selling its stake in the concessionaire behind theTarlac-Pangasinan-La Union Expressway (TPLEX) project to conglomerate San Miguel Corp. for P1.83 billion.

In a disclosure to the Philippine Stock Exchange (PSE), Consunji-led DMCI Holdings Inc. yesterday said the company together with its wholly-owned subsidiary DM Consunji Inc. agreed to sell their combined 25.11 percent shares in Private Infra Dev Corp. (PIDC) to Rapid Thoroughfares Inc. of the SMC Group.

PIDC serves as administrator of the TPLEX and is mandated to provide management services, toll collection, traffic safety and security management, toll road maintenance and other related services.

DMCI Holdings will be selling 1.45 million shares equivalent to 24.29-percent stake in PIDC, while DM Consunji will unload 49,002 shares or 0.82 percent interest.

“The closing of the transaction is subject to compliance with certain conditions and obtaining certain consents, including, among others, the consent of the Toll Regulatory Board and the Department of Public Works and Highways pursuant to the Toll Concession Agreement,” DMCI said.

Upon the completion of the transaction, diversified conglomerate SMC will increase its interest in the concessionaire to 70.11 percent.

The TPLEX, one of several infrastructure projects in SMC’s portfolio and its first greenfield tollway project, is seen as a vital road project in Luzon, connecting the central and northern Luzon provinces to Manila and beyond through the Subic-Clark-Tarlac Expressway and the North Luzon Expressway.

SMC last week opened the 13.66-km segment of TPLEX, traversing from Rosales to Urdaneta in Pangasinan.

With the opening of the new section, the total length of the four-lane 88.5-kilometer TPLEX now operational is about 63 kilometers.