{"id":18719,"date":"2024-05-13T03:03:10","date_gmt":"2024-05-13T03:03:10","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/possible-sctex-stake-seen-to-strengthen-mptcs-planned-ipo\/"},"modified":"2024-05-13T03:03:10","modified_gmt":"2024-05-13T03:03:10","slug":"possible-sctex-stake-seen-to-strengthen-mptcs-planned-ipo","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/possible-sctex-stake-seen-to-strengthen-mptcs-planned-ipo\/","title":{"rendered":"Possible SCTEx stake seen to strengthen MPTC\u2019s planned IPO"},"content":{"rendered":"
\n

THE offer from the Pangilinan-led Metro Pacific Tollways Corp. (MPTC) to acquire the government\u2019s stake in the Subic-Clark-Tarlac Expressway (SCTEx) may help attract more investors to the company\u2019s planned merger with San Miguel Corp. (SMC), analysts said.<\/span><\/p>\n

\u201cSCTEx is an attractive infrastructure asset, especially given the development in the areas it serves, so gaining full ownership of the government\u2019s revenue stake at a reasonable price should significantly enhance MPTC\u2019s tollways portfolio,\u201d said Juan Paolo E. Colet, managing director of Chinabank Capital Corp., in a Viber message on Sunday.<\/p>\n

This comes after the Bases Conversion and Development Authority (BCDA) expressed its willingness to sell its 50% stake in SCTEx to the tollways unit of Metro Pacific Investments Corp. (MPIC) for at least P20 billion.<\/p>\n

\u201cOn our end, in order to consider it, our balance of debt to JICA (Japan International Cooperation Agency) is around P20 billion. So, we would want at least that amount to ensure our debt is covered for the next few years, ensuring payment to the foreign lender. That would be the starting point,\u201d BCDA President and Chief Executive Officer Joshua M. Bingcang told reporters last week.<\/span><\/p>\n

\u201cSo if P20 billion, that is only the capital. We want something more for the government, for the public. Normally, how much returns you would want when you have an investment made. You aim for a 100% or even a doubling of your investments,\u201d he added.<\/p>\n

Earlier this month, MPTC announced the deferment of its initial public offering (IPO) to 2025, citing the need to weigh its options amid plans to form a joint venture (JV) company with SMC.<\/p>\n

MPIC anticipates signing an agreement with SMC by the second quarter, merging the companies\u2019 tollway units, which is described as a significant company to be listed on the Philippine Stock Exchange.<\/p>\n

\u201cIt would also be a valuable addition to the future combined tollways platform of MPTC and SMC and should create a better narrative for an IPO,\u201d Mr. Colet added.<\/span><\/p>\n

Currently, negotiations to acquire the government\u2019s stake in SCTEx are ongoing, with Mr.\u00a0Bingcang hoping for a conclusion next month, emphasizing that the government is inclined to sell \u201cat the right price.\u201d<\/p>\n

\u201cGovernment transactions regarding infrastructure, whether in construction or operations, should always be based on economic terms rather than financial proceeds, though they are somewhat related,\u201d said Nigel Paul C. Villarete, senior adviser on public-private partnership at Technical Advisory Group Libra Konsult, Inc., in a Viber message on Sunday.<\/span><\/p>\n

The sale of the government\u2019s stake in SCTEx would provide funds that could be allocated to new future projects, he noted.<\/p>\n

\u201cHowever, the economic analysis should include possible incremental economic benefits from future extensions of the expressway, as well as other expressways that may follow,\u201d he added.<\/span><\/p>\n

The timing of monetizing the stake is crucial, said Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort, who suggested that it could contribute more to the national government\u2019s coffers or help reduce its debts as part of fiscal reform measures.<\/span><\/p>\n

\u201cA simple divestment that will net BCDA, maybe P20 billion \u2014 if there is a buyer. The logical buyer is also MPTC, now in a JV with SMC. There is no compelling financial reason to buy. I see no benefits to motorists,\u201d said Rene S. Santiago, former President of the Transportation Science Society of the Philippines.<\/span><\/p>\n

BCDA currently earns P2 billion from SCTEx, with a debt service of only P1 billion, Mr. Bingcang said.<\/span><\/p>\n

The 93.7-kilometer SCTEx connects the Clark Freeport and Special Economic Zone, the Subic Bay Freeport Zone, and the Central Techno Park in Tarlac.<\/p>\n

According to BCDA\u2019s website, the management, operations, and maintenance of SCTEx were turned over to NLEX Corp. in 2015.<\/span><\/p>\n

Under its 30-year concession agreement, the two parties have a 50:50 revenue-sharing agreement, Mr. Bingcang said.<\/p>\n

MPTC is the tollways unit of Metro Pacific Investments Corp., one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc.<\/p>\n

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld<\/i> through the <\/span>Philippine Star Group, which it controls. \u2014 Ashley Erika O. Jose<\/b><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

THE offer from the Pangilinan-led Metro Pacific Tollways Corp. (MPTC) to acquire the government\u2019s stake in the Subic-Clark-Tarlac Expressway (SCTEx) may help attract more investors to the company\u2019s planned merger with San Miguel Corp. (SMC), analysts said. \u201cSCTEx is an attractive infrastructure asset, especially given the development in the areas it serves, so gaining full [\u2026]<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[14644,14660,17847,3582,2266,17848,4778,2523,3030],"class_list":["post-18719","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-bworldonline","tag-ipo","tag-mptcs","tag-planned","tag-possible","tag-sctex","tag-seen","tag-stake","tag-strengthen"],"yoast_head":"\nPossible SCTEx stake seen to strengthen MPTC\u2019s planned IPO - Energy Buzz<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energybuzz.ph\/possible-sctex-stake-seen-to-strengthen-mptcs-planned-ipo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Possible SCTEx stake seen to strengthen MPTC\u2019s planned IPO - Energy Buzz\" \/>\n<meta property=\"og:description\" content=\"THE offer from the Pangilinan-led Metro Pacific Tollways Corp. (MPTC) to acquire the government\u2019s stake in the Subic-Clark-Tarlac Expressway (SCTEx) may help attract more investors to the company\u2019s planned merger with San Miguel Corp. 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