Mitsui & Co., Ltd. (TSE:8031) has expressed interest to buy Metro Pacific Investment Corp.?s (Metro Pacific Investments Corporation) (MPIC) 20% stake in Metro Pacific Tollways Corp. (Metro Pacific Tollways Corporation) (MPTC) before the latter resumes merger negotiations with San Miguel Corporation (PSE:SMC), MPIC Chairman and Chief Executive Officer Manuel V. Pangilinan said. ?We have to raise money first, once we finish that, then we will resume [merger talks with San Miguel Corp.],?
he told reporters on the sidelines of the VITRO Sta. Rosa data center inauguration last week. ?They (Mitsui) already converted half of their MPIC shares to shares of MPTC.?
Mr. Pangilinan earlier said the sale of their toll interest is part of a plan to raise PHP 30 billion to PHP 50 billion through a private placement to cut MPTC?s debt. MPTC is trying to raise funds before it resumes merger talks with San Miguel. MPIC owns 99.9% of MPTC, whose debt accounts for most of MPIC?s PHP 64.99-billion short-term debt and the portion of its long-term debt as of end-2024.
