Metro Pacific Investments Corporation (MPIC) is considering a possible buy-out of Fil-Estate Corporation's stake in Metro Rail Transit Line 3 (MRT 3) in Manila, Philippines.
Fil-Estate has rights and interests in the MRT 3 companies, including Metro Rail Transit Holdings, Metro Rail Transit II, Monumento Rail Transit and Metro Rail Transit Corporation.
MPIC said it has signed an agreement with Fil-Estate relating to the latter's rights and interests in the MRT 3 companies.
MPIC and Fil-Estate said they signed the agreement to promote a smooth relationship between the private sector and the government towards expanding the MRT 3 system along Epifanio Delos Santos Avenue (EDSA), including the linkage to MRT 3 Phase 2.
Following the agreement, MPIC said it will spearhead cooperative efforts with the national government in streamlining the operations of the MRT 3.
The holding companies represent a 29% stake in the EDSA MRT systems, while the government, through the Land Bank of the Philippines and the Development Bank of the Philippines, owns a majority stake.
MPIC is a unit of the Hong Kong-based First Pacific Company.
