MCX acquired by
Villar from Ayala Group for
PHP 3.8B
Former senator,
Manny Villar, and his company, Prime Asset Ventures, Inc. (PAVI), have
completed the 100% acquisition of Ayala Corporation’s Muntinlupa-Cavite
Expressway (MCX), more
than a year since the two
companies signed the initial agreement.
PAVI, following
the approval from the Department of Public Works
and Highways (DPWH),
acquired a 100% stake at
MCX Project Company,
Inc. (MCXPCI) for PHP 3.8
billion. MCXPCI is the concession holder to operate
MCX.
Villar completes
acquisition of MCX from
Ayala for PHP 3.8B image
“This momentous
event shows our resolve
to provide our countrymen
better services in the area
of roads and tollways.
You’ll be surprised by the
many wonderful things to
come in Villar City,” said
Villar
Ayala Corporation president and CEO,
Cezar Consing, who
signed the agreement together with Villar, said that
MCX has made a huge
impact in relieving traffic
congestion between Metro
Manila and Cavite.
“Ayala developed
MCX over a decade ago
to connect Metro Manila
to Imus, Dasmarinas, and
Bacoor in Cavite, which
were experiencing rapid
growth. MCX succeeded
in relieving traffic congestion and reducing the
travel time between Metro
Manila and Cavite,” said
Consing.
The sale of MCXPCI, according to Ayala
Corporation, is aligned
with the company’s strategic priority to realize value
from certain non-core assets and sharpen its focus
on the continued expansion of its core businesses in real estate, banking,
telecommunications, and
power, and scaling up its
emerging businesses in
healthcare and logistics.
In addition, the
transaction supports Ayala’s target to raise USD
1 billion from value realization initiatives by 2023,
which is executed through
a combination of strategic
partnerships and divestment of certain non-core
assets. The proceeds will
be used to fund future
investments and further
strengthen the company’s
balance sheet. AUTO
