METRO PACIFIC Investments Corp. (MPIC) said its tollways unit Metro Pacific Tollways Corp.(MPTC) had completed the sale of a 10.32% stake in Indonesian infrastructure firm PT Margautama Nusantara (MUN) to a consortium of Japanese firms.

In a disclosure to the stock exchange, MPIC said CIIF Infrastructure Holdings Sdn. Bhd. (CIIF), a subsidiary of MPTC, has “completed the sale of its 10.32% shareholding” in MUN to Japan’s West Nippon Expressway (NEXCO-West), Japan Expressway International Co., Ltd., (JEXWAY), and Japan Overseas Infrastructure Investment Corp. for Transport & Urban Development (JOIN).

The Japanese group acquired on May 8 the 10.32% stake in MUN, valued at $35.2 million.

MPIC said this “strategic partnership” is intended to “bring operational efficiencies and improve the growth of MUN.”

MPTC continues to hold majority shares in MUN through PT Nusantara Infrastructure Tbk, which the Philippine toll road operator controls through its wholly-owned Indonesian subsidiary PT Metro Pacific Tollways Indonesia (PT MPTI).

MPTC took full control of MUN in September last year as it sought to further expand its toll road business outside the Philippines.

MPTC, through its Singaporean subsidiary Metro Pacific Tollways Asia Corp. Pte. Ltd. (MPT Asia), bought 100% equity interest in CIIF and CAIF III Infrastructure Holdings Sdn Bhd (CAIF III) in MUN. The transaction gave MPTC 100% total equity interest in MUN, as the remaining 74.98% of the company is owned by PT Nusantara Infrastructure Tbk.

MPIC is one of the three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being 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. — Arjay L. Balinbin