Philippine firm buys 45 percent stake in Vietnamese company
Philippine firm buys 45 percent stake in Vietnamese company
A Philippine corporation has secured its entry into Vietnam’s infrastructure business with the completion of its 4.1-billion-Philippine-Peso (87.5 million USD) investment in a Vietnamese company, the Manila Bulletin newspaper reported on September 23.
Disclosing to the Philippine Stock Exchange, the Philippines’s Metro Pacific Investments Corporation (MPIC) said its unit – Metro Pacific Tollways Corporation (MPTC) – now holds a significant minority equity interest equal to about 45 percent of the outstanding capital of Vietnam’s CII Bridges and Roads Investment Joint Stock Company (CII B&R).
The majority of the CII B&R is owned by the Ho Chi Minh City Infrastructure Investment Joint Stock Company (CII), one of the largest private infrastructure development companies in Vietnam, with activities in toll roads, water, real estate, engineering and construction.
The MPIC said the CII B&R is a toll road company located in Ho Chi Minh City with about eight toll road and bridge projects spanning a combined 123 kilometres and hosting about 46,000 vehicles each day.
The CII B&R has a rich project portfolio comprising five operating projects: New Rach Chiec Bridge project, Phan Rang – Thap Cham Bypass (phase 1) project, Road DT741 project, Sai Gon 2 Bridge project and Rach Mieu Bridge (phase 1) project.
Two projects currently under construction are expansions to the Hanoi Highway and National Highway 1A. The CII B&R also has one project in the pipeline, the Binh Trieu 2 Bridge (Part 2 – Phase 2) project, which it expects to secure within a few months.
The Manila Bulletin cited the MPTC as saying that it believes the CII B&R is the right partner to expand its operations into Vietnam.
