The DMCI Group of Companies has closed the sale of its stake in Tarlac-Pangasinan-La Union Expressway (TPLEX) to San Miguel Corporation (SMC).
The deal has been closed for a total consideration of P1.83 billion (US$38.9 million). The transaction includes 1.498 million shares in PIDC, the concessionaire of TPLEX, which represent 25.11 % of the company.
SMC now holds a 70.11 % stake in the project concessionaire, which provides management services, toll collection, traffic safety and security management, toll road maintenance and other related services.
TPLEX is an 88.5 km two-lane expressway north of Manila, Philippines. The project, inaugurated in December 2013, is the phase 2 of the North Luzon West Expressway and also the extension of North Luzon Expressway and Subic-Clark-Tarlac Expressway from Tarlac to Rosario, La Union.
The raod has nine exits: La Paz in Tarlac City, Victoria, Gerona, Paniqui and Moncada in Tarlac; Rosales, Urdaneta City, and Pozorrubio in Pangasinan, and Rosario in La Union.