MANILA, Sept. 23 (PNA) — Infrastructure conglomerate Metro Pacific Investments Corp. (MPIC) on Wednesday announced it has completed a deal to acquire 45 percent of toll road company located in Ho Chi Minh City, as it expands its operations in Vietnam.
MPIC told the local bourse its tollroad subsidiary Metro Pacific Tollways Corp. (MPTC) now holds a significant minority equity interest in CII Bridges and Roads Investment Joint Stock Company (CII B&R).
MPTC purchased CII B&R secondary shares from Ho Chi Minh City Infrastructure Investment Joint Stock Company (CII), and subscribed to VND-denominated bonds issued by CII, which are exchangeable into secondary shares in CII B&R.
CII B&R is majority owned by CII, one of the largest private infrastructure development companies in Vietnam, with exposure in toll roads, water, real estate, and engineering and construction.
“With CII B&R’s experience in the Vietnam toll road industry and its strength in identifying and developing new projects, MPTC believes that CII B&R is the right partner to expand its operations in the Vietnam,” the MPIC said in a disclosure. (PNA)