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MPTC eyes road projects in Vietnam

Metro Pacific Tollways Corp. (MPTC) is evaluating an offer to invest $600 million in road projects in Vietnam.

A subsidiary of Metro Pacific Investments Corp. (MPIC), the MPTC has a 45% stake in Ho Cho Minh City Infrastructure Investment Joint Stock Co. (CII), its second toll road investment outside the Philippines after a minority stake in Thai operator Don Muang Tollway Public Co. Ltd.

In a statement, MPTC President and Chief Executive Officer Ramoncito S. Fernandez disclosed that the tollway company had already committed $90 million this year but remains warm to CII’s new offer for MPIC to invest an additional $600 million for more projects.

“We want the existing business to bloom first. We can enter whenever we want to,” he said.

He said CII has seven projects, four of which are revenue generating while three are still in the pipeline.

The toll road business contributed 22% to MPIC’s net operating income in the first quarter, the listed parent said in a regulatory filing yesterday.

Operating revenues of MPIC climbed by an annual 4.4% to P8.54 billion.

The conglomerate’s biggest revenue streams, Manila Electric Co. and Maynilad Water Services, Inc., have a combined contribution of 74% to its total net operating income.

MPIC is one of the three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philippine Long Distance Telephone Co. (PLDT) and Philex Mining Corp.



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