An Indonesian unit of Metro Pacific Tollways Corp. (MPTC) has hiked its stake in Indonesian infrastructure firm PT Nusantara Infrastructure Tbk to more than 50% of its outstanding shares.
In a disclosure to the stock exchange on Tuesday, July 3, MPTC’s parent Metro Pacific Investments Corp. (MPIC) said PT Metro Pacific Tollways Indonesia (PT MPTI) acquired an additional 760 million shares in PT Nusantara, or 4.99% of the company’s total issued capital stock on a fully diluted basis.
The transaction, valued at a total of P597.33 million, or 79 centavos per share, was executed through a cross sale on the Indonesian Stock Exchange.
This brings PT MPTI’s total shareholdings in PT Nusantara to 53.26% of its total issued capital stock.
“The transaction is expected to enhance profitability and strengthen the balance sheet of MPTC,” the company said. — Arra B. Francia