The Government of the Philippines through its Privatisation and Management Office (PMO) has failed to receive bids for the sale of its 20% shares in Tollways Management Corporation (TMC).
PMO has invited prospective bidders for the sale of its 76,000 common shares in TMC for at least PHP2.6 billion (US$49.95 million).
TMC operates and maintains toll roads in major expressways in the capital region. It is a unit of NLEx Corp, a subsidiary of Metro Pacific Tollways Corp. NLEx Corp. is the builder-concessionaire and operator of North Luzon Expressway and Subic-Clark-Tarlac Expressway.
PMO awaits for the directive from the Privatization Council before launching again the sale process.