MPIC acquires stake in EGIS subsidiary

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MPIC acquires stake in EGIS subsidiary

Metro Pacific Tollways Development Corporation (MPTDC), a subsidiary of Philippines' Metro Pacific Investments Corporation (MPIC), has acquired 50% interest in Easytrip Services Corp. an electronic toll collection provider, from France's EGIS.

The transaction was worth about 103 million Philippine pesos (US$2.5 million).

The acquisition was done through the purchase of new shares that ESC issued as well as existing shares from Egis Easytrip Services SA, the parent firm. MPTDC entered into a subscription agreement with ESC covering 87,000 shares as well as deed of absolute sale involving 13,001 shares owned by Egis Easytrip Services S.A.

This transaction enhances operations for MPIC, which owns Manila North Tollways Corp. (MNTC), the operator of the 85-kilometer North Luzon Expressway. The road already uses Easytrip Services Corp.

Melody del Rosario, MPIC vice president, stated:

The acquisition will allow MPTDC and EGIS to combine their expertise in managing and expanding the business of ESC.

Easytrip Services Corp. (ESC) acquires and develops equipment and software to facilitate electronic tolling of roads and other facilities. The firm sells, leases, licenses, installs, operates and maintains equipment and software.

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