Metro Pacific Investments Corp. (MPIC) and its joint venture partner Keppel Infrastructure Trust (KIT) are selling their entire stake in Philippine
Metro Pacific Investments Corp. and its joint venture partner Keppel Infrastructure Trust are selling their entire stake in Philippine Coastal Storage & Pipeline Corp. to Terminal PH Investments Pte. Ltd. for $296 million.- Advertisement -
MPIC is entitled to 50 percent of the total selling price which is expected to be about $148 million, MPIC’s parent firm First Pacific Co. Ltd. said in a disclosure to the Hong Kong Stock Exchange. MPIC is one of the country’s biggest infrastructure companies. Its investment portfolio spans energy, water distribution, toll roads, hospitals and railways.
“Having considered the financial performance, the business and operation status of PCSPC to date and the potential economic benefits that the disposal could bring to MPIC, MPIC considers it appropriate to divest and realize the value of the investment at this stage,” the company said.
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