By Ashley Erika O. Jose, Reporter
METRO PACIFIC Tollways Corp. (MPTC) plans to go public next 12 months after specializing in toll road expansion and debt reduction this 12 months, its top official said.
“We need to do an IPO (initial public offering) sometime in the long run,” MPTC President and Chief Executive Officer Jose Ma. K. Lim told Money Talks with Cathy Yang on One News on Monday. “It will probably take a bit more time, possibly the race will probably be a 12 months from now.”
Preparations for the IPO of Metro Pacific Investments Corp.’s (MPIC) toll arm had began, however the priority now could be cutting its debt and completing projects, he added.
“We’ve got some roads to complete,” Mr. Lim said. “The connector road has about two more kilometers to be accomplished and we even have some access roads to construct in Cebu to enrich the bridge.”
MPTC has allotted P35 billion for capital expenditures for various projects this 12 months. The Governor’s Drive Interchange of the Cavite-Laguna Expressway (Calax) is among the many projects scheduled for completion this 12 months.
Calax is 95% finished, Mr. Lim said, adding that they’re constructing the Cebu access roads to the airport to facilitate more traffic.
In 2024, MPTC said it was negotiating with Acciona SA for the expansion and upgrade of the Cebu-Cordova Link Expressway.
Toby Allan C. Arce, head of sales trading at Globalinks Securities and Stocks, Inc., said the corporate’s decision to focus on a 2026 IPO reflects a strategic response to its financial and operational standing.
“This timeline allows MPTC to deal with its debt obligations and prepare for market entry with stronger valuation,” he said in a Viber message.
But he also cited the uncertainty surrounding the IPO given MPTC’s planned merger with San Miguel Corp. (SMC).
MPTC Chairman Manuel V. Pangilinan said the corporate had deferred merger talks with San Miguel to concentrate on fundraising activities to chop its debt. In March, the tollway company said it planned to sell 20% of its stake in MPTC to chop debt.
MPIC, which owns 99.9% of MPTC, earlier said MPTC accounted for many of its P64.99-billion short-term debt and the present portion of its long-term debt as of end-2024.
Mr. Arce said the planned IPO in 2026 would give MPTC the chance to strengthen its financial standing but could hurt its merger plans with San Miguel for the reason that parties had also announced a plan to list the merged company.
“If MPTC lists independently before the merger is finalized, it would complicate future integration efforts, particularly by way of shareholder alignment and regulatory compliance,” he said.
Greater than awaiting higher market conditions, MPTC’s preferred timing might be to offer a transparent marketplace for sister company Maynilad Water Services, Inc., which can also be planning to list in the subsequent two quarters, Juan Paolo E. Colet, managing director at China Bank Capital Corp.
“MPTC’s IPO will probably be a price discovery exercise, so which may affect the sensitive negotiations across the valuation of the proposed merger with San Miguel’s tollway business,” he said in a Viber message.
He added that if MPTC decides to list ahead of its planned merger, San Miguel would likely infuse its tollway assets into the corporate.
MPIC is one among three key Philippine units of Hong Kong-based First Pacific Co. Ltd., alongside Philex Mining Corp. and PLDT, Inc.
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