Metro Pacific, KIT complete acquisition of petroleum storage facility

PCSPC edited

Metro Pacific Investments Corporation (MPIC) of business tycoon Manny V. Pangilinan and Singapore-based Keppel Infrastructure Trust (KIT) have completed the acquisition of Philippine Tank Storage International Holdings, Inc. (PTSI), which owns the country’s largest petroleum storage facility.

“[MPIC and Keppel Infrastructure Fund Management Pte. Ltd., in its capacity as trustee-manager of Keppel Infrastructure Trust (KIT)] completed the acquisition of 100% of the total issued capital stock of PTSI from Macquarie Infrastructure Holdings (Philippines) Pte. Limited, Government Service Insurance System and Langoer Investments Holding B.V.,” MPIC announced in its disclosure to the Philippine Stock Exchange on Monday.

PTSI owns Philippine Coastal Storage & Pipeline Corporation (PCSPC), which has a storage capacity of around six million barrels. Based inside the Subic Bay Freeport Zone, PCSPC provides clients with a well-connected distribution hub to Central Luzon, Northern Luzon, and Metro Manila — areas with high economic activity.

MPIC and KIT first announced their investment in PCSPC in December 2020.

“The shares of PTSI were indirectly acquired by MPIC and KIT through a Philippine holding company, KM Infrastructure Holdings, Inc., which, at the time of the Transaction Completion, was 80% owned by Bay Philippines Holdings Corporation (a 100% indirect subsidiary of KIT) and 20% owned by MPIC,” the disclosure read further.

MPIC said that the acquisition was worth about Php4.1 billion.

As a result of the transaction, MPIC now owns around 50% KM Infrastructure.

MPIC has controlling interests in the Manila Electric Company (MERALCO), the country’s largest power distributor, and in Global Business Power Corporation, the largest power generator outside Luzon. Pangilinan also chairs PXP Energy, which has exploration activities in the West Philippine Sea.

 

Photo from PCSPC website.

Comments

comments




%d bloggers like this: