Partners will acquire 100% stake in PTSI which owns the Subic Bay tanks for US$334 million
16 Dec 2020 |
Michael Marray
Keppel Infrastructure Trust (KIT) of Singapore and local investor Metro Pacific Investments Corporation (MPIC) have agreed to acquire the biggest petroleum products import storage facility in the Philippines in a US$334 million deal.
The two will buy a 100% stake in Philippine Tank Storage International (Holdings) (PTSI), which owns Philippine Coastal Storage & Pipeline Corporation (PCSPC). The seller is Philippine Investment Alliance for Infrastructure fund.
KIT will initially own 80% of PTSI and MPIC 20%. Keppel said that it is in discussions to grant MPIC a call option giving it the right to increase its stake to up to 50%. More details of the call option will be provided after a definitive agreement is reached.