Published April 5, 2021, 7:00 AM
Pangilinan-led Metro Pacific Investments Corporation (MPIC) is eyeing a Metro Manila expansion of the 84-kilometer pipeline, which is part of the oil import facility of Philippine Coastal Storage and Pipeline Corporation (PCSPC) that the company acquired last year, in anticipation of growing demand.
MPIC invested in the facility along with Keppel Infrastructure Trust (KIT) in a merger and acquisition (M&A) deal concretized last December. The sale and purchase agreement (SPA) was sealed with the Philippine Investment Alliance for Infrastructure (PINAI), an investment fund managed by Macquarie Infrastructure and Real Assets.
MPIC initially has 20 percent stake in the PCSPC acquisition, but there have been discussions with its partner KIT for it to be given an option to increase its equity to 50 percent.
Angelica Y. Yang
AYALA-LED AC Energy Corp. is setting its sights on a new renewable energy goal, this time for 2030 where local and foreign projects will have equal sharing, as it is set to hit its 5-gigawatt (GW) target ahead of the 2025 deadline, its top official said.
“In the next couple of years, you would most likely hear from us regarding our next target. I have no plans of putting another, of revising our 2025 goal,” said AC Energy President and Chief Executive Officer Eric T. Francia in a media briefing on Monday.
“We will most likely set our sights already for 2030, but we’re still going to be calibrating what the right level of renewable target would be,” he added.
The GNPower Kauswagan coal-fired power plant, as well as eight other projects, have secured approval from the Department of Energy to conduct a system impact..
M&A
Keppel Infrastructure and Metro Pacific acquire petroleum storage facility
The acquisition is the Philippines’ largest M&A this year and looks smart given pressures on the domestic refining sector and an expected rise in imports next year.
December 15, 2020 In what is the country’s largest MA deal this year, Keppel Infrastructure Trust KIT and Metro Pacific Investments Corporation MPIC are to acquire Philippine Coastal Storage Pipeline Corporation PCSPC, the largest petroleum products import storage facility in the Philippines, for $334 million. The 8020 deal from the largest diversified business trust listed in Singapore and the domestic real estate and infrastructure investment holding company acquired PCSPC from the Philippine Investment Alliance for Infrastructure consortium, which is made up of state pension fund Government Service Insurance System, private equity fund Langoer Investments and asset manager Macquarie Infrastructure.
Partners will acquire 100% stake in PTSI which owns the Subic Bay tanks for US$334 million
16 Dec 2020 |
Michael Marray
Keppel Infrastructure Trust (KIT) of Singapore and local investor Metro Pacific Investments Corporation (MPIC) have agreed to acquire the biggest petroleum products import storage facility in the Philippines in a US$334 million deal.
The two will buy a 100% stake in Philippine Tank Storage International (Holdings) (PTSI), which owns Philippine Coastal Storage & Pipeline Corporation (PCSPC). The seller is Philippine Investment Alliance for Infrastructure fund.
KIT will initially own 80% of PTSI and MPIC 20%. Keppel said that it is in discussions to grant MPIC a call option giving it the right to increase its stake to up to 50%. More details of the call option will be provided after a definitive agreement is reached.