Apart from MRT-3,
now has a new job to take part on extending and operating the Light Rail Transit Line 1 (LRT-1). In a disclosure to the stock exchange on Friday, infrastructure conglomerate
(MPIC) said Sumitomo acquired a 34.9-percent stake in its subsidiary that has a 55-percent share in
LRMC a consortium composed of MPIC,
has a 32-year concession to operate, maintain and extend LRT-1. The concession started in
12% to end the week at P2.89 each afterthe announcement. "This investment by Sumitomo is a welcome illustration in their belief in the future of this project," Manuel V.
Pangilinan, company chairman, said. The government has also tapped Sumitomo for the rehabilitation of the overstretched MRT-3, the busiest train system in the Philippine capital that carries around 500,000 passengers a day.
The Japanese company's entry to LRT-1, the oldest train line in Manila,comes at an opportune time when the company has just restarted work onthe P64.9-billion LRT-1 Cavite extension project targeted finished by 2021. The project, which started last year but was halted for a while during the Luzon lockdown that started
"Sumitomo is keen to share our 100 years-worth of global investment and operational experience,"
For his part,Juan Alfonso, LRMC president and chief executive,said: "Sumitomo's investment will significantly contribute to the efficiency of our current operations and assist us as we continue heavy works on the Cavite Extension."
© Pakistan Press International, source