METRO PACIFIC Investments Corp. (MPIC) is hoping to have an agreement within the year with an Indonesian company for its water venture into Indonesia.
“We’d like to, we’re aiming to do that,” MPIC Chairman Manuel V. Pangilinan told reporters on the sidelines of a Philippine Business for Social Progress event on Jan. 23, asked whether they plan to sign a deal within the year.
“But there are parties on the other side who may or may not be as cooperative,” he said.
MPIC plans to expand its business in Indonesia to include water, energy and telecommunication after unit Metro Pacific Tollways Corp. (MPTC) increased its stake in Indonesian company, PT Nusantara Infrastructure Tbk in November.
He said it is “most likely” that they will be signing with PT Nusantara.
“It’s still good to have a local partner, they know the local conditions much better,” Mr. Pangilinan said.
Mr. Pangilinan said they are looking at two or three countries in the Association of Southeast Asian Nations (ASEAN) region, but nothing has been finalized.
For the long term, MPIC is looking to develop a pan-ASEAN water company, Mr. Pangilinan said last year.
MPIC last November entered the Vietnamese water market through a P615-million deal that gave it a 45% stake in a contractor at one of Vietnam’s economic zones. MetroPac Water Investments Corp. bought into Vietnamese water company BOO Phu Ninh Water Treatment Plant Joint Stock Company (PNW).
Locally, MetroPac Water President Laurence R. Rogero said last year the company eyes 26 projects in partnership with local water districts.
MPIC is one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd. Its other units are Philex Mining Corp. and PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Patrizia Paola C. Marcelo
