The San Miguel conglomerate has purchased the remaining 49% equity interest in Universal LRT and a 100% stake in ULCOM, the designated operator of Metro Rail Transit Line 7 (MRT-7). San Miguel acquired in 2010 a 51% stake in MRT-7 proponent Universal LRT from a group of Filipino businessmen.
The value of the transaction is USD 100 million. An advanced payment of around USD 3.8 million has been made.
The USD 1.5 billion MRT-7 is a 23km railway with 14 stations that will run through Manila’s northern suburbs. The line is expected to be completed by 2019. A consortium led by South Korea’s Hyundai Rotem and the Philippines’ EEI has been enlisted as the contractor.
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