Sumitomo completed the acquisition of a 35% stake in MPLRC from MPIC.

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.