THE Metro Pacific Tollways Corp. (MPTC) said it is investing around $20 million for a new project under its Indonesian subsidiary PT Nusantara Infrastructure Tbk.
MPTC President Rodrigo E. Franco told reporters on Friday the company is working on the Pettarani project, which is an extension of a toll road going to the airport in Makassar, the capital of South Sulawesi province.
“They are doing a project… may tinatawag silang Pettarani project [they have something called Pettarani project]. In fact that would require funding eventually. For that, we’re looking at additional $20 million,” he said.
In a text message on Sunday, Mr. Franco noted the funds will be internally generated.
“We can just source the funding need from internal cash. Pettarani project is an elevated toll road in the port city of Makassar in South Sulawesi,” he said.
The 4.4-kilometer A.P. Pettarani elevated toll road will connect Soekarno-Hatta Port (Makassar) and Sultan Hasanuddin Airport to Makassar’s business district and city center. Construction of the toll road started in April.
Last month, the Indonesian unit of MPTC, PT Metro Pacific Tollways Indonesia (PT MPTI), raised its stake in PT Nusantara to 77.94% for P2.86 billion.
Aside from Indonesia, MPTC also has stakes in infrastructure companies in two other Southeast Asian countries, namely: Don Muang Tollway Public Company Limited in Thailand up to 29.45%, and CII Bridges and Roads in Vietnam up to 44.9%.
In the Philippines, MPTC operates three toll roads: the North Luzon Expressway (NLEx), Subic Clark Tarlac Expressway and Manila-Cavite Expressway.
MPTC is the tollways unit of Metro Pacific Investments Corp. (MPIC). MPIC is one of three key Philippine units of First Pacific, 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. — Denise A. Valdez