Sumitomo acquires 19.2% stake in LRT 1 project in Manila

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Sumitomo Corporation has indirectly acquired about 19.2% share of Light Rail Manila Corporation (LRMC), which undertakes operation and maintenance of the Manila Light Rail Transit System Line 1 (LRT-1), a passenger railway in Metro Manila.

The Investment Project is the first investment Sumitomo Corporation has made in the operation of a passenger railway business in Southeast Asia. LRT-1 runs some 20 kilometers in a north-south direction along Manila Bay in Metro Manila, between Roosevelt Station in Quezon City and Baclaran Station in Pasay City. LRMC first joined the Manila public transport market in 2015, securing a concession to operate, maintain and extend the LRT-1 Line. Since then, the company has been rehabilitating and repairing existing rail facilities and increasing the frequency and quality of train service. Further LRMC is extending routes, enhancing interconnections with other transit routes, and developed a schedule of works to further expand its transportation capacity going forward.

In collaboration with LRMC and its other shareholders (Metro Pacific Investments Corporation, AC Infrastructure Holdings Corporation and Macquarie Group), Sumitomo Corporation will endeavour to make LRT-1 even safer and more convenient in order to strengthen Metro Manila transportation network. Furthermore, through its participation in LRT-1, Sumitomo Corporation hopes to improve the living environment and meaningfully reduce economic losses for many commuting people in Metro Manila, by mitigating traffic congestion. Thereby contributing to local communities and the economic development of the Philippines.

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