Romero group intends to keep control of North Harbor firm

The corporate tussle for Manila North Harbour Port Terminal Inc. (MNHPI) heats up as the Reghis Romero II-led Harbour Centre Port Terminal Inc. (HCPTI) says it wants to stay in control of the company now operating the Manila North Harbor. Earlier this week, the company’s partner, Metro Pacific Investments Corp. (MPIC) led by Manuel V. Pangilinan said his group was currently in discussions to gain a controlling interest in MNHPI, which late last year won the 25-year contract to operate and modernize the North Harbor. With HCPTI's statement, MPIC will have to be content on keeping its current position as a minority stakeholder of MNHPI. But Michael Romero, HCPTI president and CEO, said the company wishes to continue working with Pangilinan in modernizing the dilapidated North Harbor in Tondo. “Our family has been in the ports operation business for more than a decade and giving a majority stake to MPIC will be against our commitment to modernize the dilapidated North Harbor port, which is the principal concern of Harbour Centre to the public," Romero said in an interview. “The group is exploring all available means to resolve the issue beneficial to both parties," he added. If the Pangilinan-led group fails to gain a majority stake that it wants, MPIC may divest completely from the joint venture. The Romero group currently owns 65 percent of the joint venture, while MPIC owns the remaining 35 percent. Romero said retaining the group’s control over MNHPI was key to being able to properly develop the port. “It was our group’s technical abilities and track record which won the contract in the first place," he said. However, MPIC, which also has interests in toll roads, hospitals and power distribution, provides much of MNHPI’s financial backing. - OMG, GMANews.TV