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| Metro Pacific Investments Corporation (MPI) |
- Main trend: Bullish
- Would buy near on support
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Connector-road project requires Swiss challenge
We write with respect to the attached news article entitled “Connector-road project requires Swiss challenge” published in the July 23, 2014 issue of the BusinessMirror. The article reported in part that:
“THE Department of Justice has rejected the creation of a joint venture between Metro Pacific Investments Corp. (MPIC) and state-owned Philippine National Construction Corp. (PNCC) to build an P18-billion road-connector project aimed at linking the North and the South Expressways in Luzon, ordering the deal to undergo a competitive challenge.
In a 41-page opinion, Justice Secretary Leila M. de Lima said the approval given by the National Economic and Development Authority (Neda) Board for the creation of a joint venture between the government-owned firm and the Pangilinan-controlled toll-road operator appeared to have been ‘issued beyond its powers, and without factual basis or justification.’ She said the proposal, which was first submitted as an unsolicited offer, should have not been converted into another mode of implementation.”
Metro Pacific Tollways Development Corporation (MPTDC) has not received any formal communication from the Toll Regulatory Board nor any government agency on the matter. The creation of the joint venture between Metro Pacific Investments Corporation and the Philippine National Construction Corporation was recommended and approved by the National Economic Development Authority. However, MPTDC is amenable to reverting to its original proposal, which will subject its proposed Connector Road project to a Swiss Challenge, as originally contemplated.
We trust that this clarifies the matter. (source: PSE)
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