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Published March 12, 2021, 2:19 AM
Redco Transit Development Pte Ltd. (Redco) of Singapore has terminated its planned acquisition of shares in Makati City Subway Inc. (MCSI) from Philippine Infradev Holdings Inc. (PIHI) and Hong Kong Binjiang Industrial Limited (HK Binjiang).
The Philippine Competition Commission (PCC) on March 9, 2021 was informed by the parties of the withdrawal their merger notification on the Makati Subway transaction citing circumstances arising from the COVID-19 pandemic.
“The parties withdrew their notification of the transaction currently undergoing merger review, and informed the MAO that they decided not to pursue the transaction and to terminate their Share Purchase Agreement due to circumstances arising from the COVID-19 pandemic,” the PCC through its Mergers and Acquisitions Office (MAO).