San Miguel joins group that will build North Luzon highway

MANILA, Philippines - San Miguel Corp. (SMC) has agreed to join a consortium that will build an expressway seen to halve travel time between Manila and Baguio, considered as the Philippines’ summer capital. SMC will acquire a “significant stake" in the Private Infrastructure Development Corp. (PIDC), a consortium that will build the 88-kilometer Tarlac-Pangasinan-La Union Toll Expressway Project, the company said in a statement submitted to the Philippine Stock Exchange (PSE). The project “will make it easier and more cost effective to move goods and people from one point of Luzon to another," the company said in the same statement. “ Companies belonging to the PIDC include D. M. Consunji, First Balfour, Inc., R.D. Policarpio & Co., Inc., D.M. Wenceslao & Associates, Inc., C.M. Pancho Construction, Inc., EEI Corporation, J.E. Manalo & Co., Inc., J.V. Angeles Construction Corp., New Kanlaon Construction, Inc. “The parties have agreed to execute and finalize a definitive agreement which shall be subject to government approval," said the company, which has been diversifying from its core food business. Its interests include stakes in the Manila Electric Co. (Meralco), the Philippines’ largest electricity distributor; Petron, the Philippines’ largest oil company, and Liberty Telecom. Its participation in the consortium “is in line with the company’s diversification plans," SMC president and chief operating officer Ramon S. Ang said. “[The company] is happy to be a catalyst for the infrastructure needs of the country." “A" shares of SMC, which can be solely traded by Filipinos, rose 50 centavos to P60.00 during Monday’s trading at the PSE. “B" shares of SMC, which can also be traded by foreigners, fell by 50 centavos to P60.00 during the same trading day. - GMANews.TV