The Singapore Business Federation has urged over 200 companies from Singapore and other countries in the region from multiple sectors, such as manufacturing, wholesale trade, retail, and service sectors to explore investment and partnership opportunities in the Philippines.
At the virtual “FYIst
M&A
Keppel Infrastructure and Metro Pacific acquire petroleum storage facility
The acquisition is the Philippines’ largest M&A this year and looks smart given pressures on the domestic refining sector and an expected rise in imports next year.
December 15, 2020 In what is the country’s largest MA deal this year, Keppel Infrastructure Trust KIT and Metro Pacific Investments Corporation MPIC are to acquire Philippine Coastal Storage Pipeline Corporation PCSPC, the largest petroleum products import storage facility in the Philippines, for $334 million. The 8020 deal from the largest diversified business trust listed in Singapore and the domestic real estate and infrastructure investment holding company acquired PCSPC from the Philippine Investment Alliance for Infrastructure consortium, which is made up of state pension fund Government Service Insurance System, private equity fund Langoer Investments and asset manager Macquarie Infrastructure.
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.