MANILA, Philippines — Tycoons Manuel V. Pangilinan and Ramon Ang are mulling creating a powerhouse tollway company that can be listed on the Philippine Stock Exchange (PSE).
This is even bigger than their initial joint venture, a P72-billion highway that will connect Cavite to Batangas.
“We might be rivals in the business space, but if we decide to set aside differences and work together in the business space, I think the benefits will be significant for our people. So yes, we are looking at other areas where we can cooperate and create a critical mass,” Pangilinan said when asked if there would be more partnerships with Ang, who is president and CEO of San Miguel Corp. (SMC).
The two tycoons decided to set aside their rivalry and create a formidable partnership that proved effective in basketball.
“For example, in the case of tollways, if we manage to combine our two tollways, I think it will be a good candidate to list in the stock exchange and become a major factor in energizing the stock exchange,” Pangilinan said.
If this pushes through, the joint venture will pursue other toll road projects and not just the new Batangas road.
Last August, the two tycoons signed a memorandum of agreement to jointly design, build and operate the 88-kilometer Cavite-Batangas Expressway (CBEX) and the Nasugbu-Bauan Expressway (NBEX).
The new road network, first reported by The STAR, effectively sets aside the two tycoons’ business rivalry and merges their similar but separately proposed road projects in Cavite and Batangas.
The project will likewise connect Metro Pacific Tollways Corp. (MPTC)’s Cavite-Laguna Expressway (CALAx) to Bauan, Batangas, making travel easier and more convenient for motorists.
Under the agreement, MPTC and SMC will jointly undertake the construction, operation and maintenance of the 88-kilometer-long toll road projects.
The project is composed of two vital expressways, the 27.06-kilometer CBEX that will establish a crucial link connecting CALAX’ Silang (Aguinaldo) Interchange to Nasugbu, Batangas and the 60.90-kilometer NBEX which will provide connectivity from Nasugbu to Bauan, Batangas.
Proponents expect to break ground in 2024 and CBEX and NBEX are expected to be completed and open to the public in 2027.
Ang has also made a personal investment in Pangilinan-led Metro Pacific Investments Corp. which voluntarily delisted from the exchange.
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The article was originally published in PhilStar Global and written by Iris Gonzales.
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