Thursday, September 17, 2009

METRO PACIFIC TOLLWAYS DEVELOPMENT CORPORATION SUBMITS PROPOSAL FOR SUBIC-CLARK-TARLAC EXPRESSWAY (SCTEX)

MANILA, Philippines, 16th September 2009 – Metro Pacific Tollways Corporation (MPTC) today announced that it has submitted an unsolicited proposal to the Bases Conversion Development Authority (BCDA) for the right to operate, maintain, and collect toll from the Subic-Clark-Tarlac Expressway (SCTEX). The proposal was made through Metro Pacific Tollways Development Corporation (MPTDC), a wholly-owned subsidiary of MPTC.
The proposal involves the assignment and transfer by the BCDA of all its usufructuary title, rights and interests in SCTEX to MPTDC. In exchange for such assignment, MPTDC has proposed to pay BCDA certain concession fees and a share in future revenues over the life of the concession.

When accepted, the proposed acquisition of SCTEX will strengthen MPTC’s leadership position in the Philippine tollroad industry, increasing our share to approximately 67% in linear kilometers from the existing 33%. Ultimately, the motorists will benefit from the consolidation of the toll roads in Northern Luzon by providing them a seamless network of expressways, therefore reducing travel time and making ‘motoring’ all the more convenient.” said Ramoncito S. Fernandez, MPTC President and Chief Executive Officer.

 

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