Metro Pacific Tollways Corporation (MPTC) has submitted its technical proposal to construct a 5-kilometer spur road that will connect Cavite Expressway (CAVITEx) to Sangley. The firm said that they have the proposal already 2 weeks ago. The Sangley we are talking about here is the Danilo Atienza (Sangley) Air Base. MPTC is still waiting for more of the details of the development plans for Sangley Airport which will come from the Cavite provincial government. For the company, it’s important that they know about what’s being done to Sangley Airport as their plans will eventually rely upon the airport.
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The Cavite governor disclosed that there have been companies who are expressing their interest to expand the Sangley Airport. This includes 5 Philippine companies and 1 Chinese firm that proposed to upgrade the airport into an international gateway. The governor identified some companies as Metro Pacific Investments Corporation, D.M. Consunji, Inc. and China Construction Co. So far, the Sangley Airport looks good to the eyes of these businesses that they are willing to offer their services and support to expand the said airport.
The cost of the expanded airport will be around $10 billion. It will have 4 runways and will be able to accommodate 100 passengers annually. The groundbreaking is scheduled for January 15 next year. The first runway is expected to be completed within 3 years while the rest are to be up and running within 6 years. It was also disclosed that a joint proposal on the building of the spur road to Sangley from Cavitex Infrastructure Corp. (CIC) with the Philippine Reclamation Authority (PRA) was in progress for submission to Toll Regulatory Board (TRB) as well.
Recently, Metro Pacific Hospital Holdings, Inc. (MPPHI) delayed its p83.3-billion initial public offering that’s supposed to be the biggest listing in the Philippine Stock Exchange so far. The offering was postponed indefinitely from its initial date scheduled in the early fourth quarter this year. This is because a big company invested about P35.5 billion into MPPHI. What’s involved in the transaction of MPIC and KKR is the investment of consortium in new common shares of the hospital unit created by KKR subsidiary Buhay (SG) Investments Pte. Ltd. This is made through a share subscription agreement and exchangeable bonds that are mandatory and issued by MPIC as well. 41.37 million new common shares were sold by MPIC to KKR, equivalent to 2.74% of the resulting outstanding capital stock of the company and 6.25% of its aggregate par value.