By: Leslie Gatpolintan, as seen on https://www.pna.gov.ph/articles/1040292, July 3, 2018, 7:59 pm

MANILA — The tollways arm of Metro Pacific Investments Corporation (MPIC) has acquired more shares in Indonesian infrastructure firm, PT Nusantara Infrastructure Tbk, with an additional PHP597.33 million, as it expands presence in Indonesia.

Metro Pacific Tollways Corp. (MPTC), through its Indonesian subsidiary, PT Metro Pacific Tollways Indonesia (PT MPTI), bought 760 million shares in PT Nusantara at 79 centavos a-piece, representing 4.99 percent of its total issued capital stock.

PT MPTI now holds a total of 53.26 percent of the total issued capital stock of PT Nusantara on a fully-diluted basis following the acquisition.

“The transaction is expected to enhance profitability and strengthen the balance sheet of MPTC,” MPIC told the local bourse on Tuesday.

As a result of the acquisition, PT MPTI is required to conduct a mandatory tender offer in favor of the minority shareholders of PT Nusantara, who collectively hold about 44.21 percent of its outstanding capital stock.

The infrastructure firm holds the 2.53 percent as treasury shares.

“The funding for the additional acquisition and the tender offer shall be sourced from bank loans,” said MPIC.

PT Nusantara’s infrastructure portfolio in Indonesia includes toll roads, ports, energy, and water. (PNA)