Announced
Completed
Financials
Sources
Tags
Philippines
Completed
Railroads
Single Bidder
Acquisition
rail infrastructure
Friendly
infrastructure construction
Minority
infrastructure businesses
Private
infrastructure services
Synopsis
Japanese diversified conglomerate Sumitomo completed the acquisition of a 35% stake in Metro Pacific Light Rail, a subsidiary of Philippine-listed infrastructure conglomerate Metro Pacific Investment. Financial terms were not disclosed. MPIC said the acquisition gives Sumitomo, one of Japan’s largest trading and investment companies, a 19.2% economic interest in Light Rail Manila(LRMC)’s LRT-1 concession. “This investment by Sumitomo is a welcome illustration in their belief in the future of this project,” Manuel Pangilinan, MPIC Chairman.
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