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METRO
Pacific Investment Corp. (MPIC) has chosen a port
operator for a partner in bidding for the 25-year
concession of the Manila North Harbor. The auction is
slated in the last quarter of the year.
“It’s
ideal for us to partner with someone with port operation
experience. We have already identified the local
partner,” said Metro Pacific chairman Manuel Pangilinan
after the company’s stockholders’ meeting.
Pangilinan kept mum when asked whether the partner he
was referring to was Asian Terminal Inc. or
International Container Terminal Services Inc.
Asian
Terminal, International Container and Magsaysay Maritime
Corp. have expressed interest to join the bidding for
the country’s largest and busiest port servicing
domestic cargo and passenger traffic.
Pangilinan revealed yesterday that Metro Pacific wants
to join the auction, although the publicly-listed firm
has no experience handling port operations.
“We are
looking at it. It’s a business we don’t know. My
impression, being involved in Nenaco, is that there’s
probably going to be a lot of work. We are interested
but the decision to make an offer or not is still
pending,” said Pangilinan.
Metro
Pacific, which is on track in meeting its core net
profit target this year of up to P500 million, is very
much keen on participating in various government
projects, including the auction for the 25-year
concession of the National Transmission Corp., or
Transco, which is also taking place later this year.
His
group, according to Pangilinan, will form a new company
when it bids for Transco, since Metro Pacific will be
taking in a foreign partner.
“These
are two quite different investments. One is port and one
is transmission. We don’t know which one comes first so
we will take it as it comes,” he added.
The
Philippine Ports Authority will hold a preeligibility
conference on June 20.
The
winning bidder will operate three port terminals for the
next 25 years with provisions for renewal in order to
provide them with reasonable amount of time to make a
return on their investment.
No
amount has been mentioned on how much Metro Pacific will
allot for North Harbor and Transco. Pangilinan said,
however, that the amount will depend on the bid prices.
There
are other government assets for sale, and they may be
interesting for Metro Pacific. The government holds
about 20-percent stake in San Miguel Corp. and 29
percent in the Manila Electric Co., or Meralco.
“We will
see. It doesn’t cost to look around. It depends on the
condition of the bids. In the case of SMC, there is a
need to socialize with existing shareholders. You have
the Lopez group in Meralco. It is more complex unlike in
the North Harbor and Transco, which are both 100-percent
owned by the government,” said Pangilinan.
MPIC
also wants to develop and operate the South Tagalog
Arterial Road, or Star, which connects the South Luzon
Expressway from Calamba, Laguna, with the rest of
southern Luzon.
“Yes, we
are interested in toll projects but it’s very
complicated. The government should take a more active
role and the private sector should sort out some
matters. But we are very keen to do it and expand it,”
Pangilinan said.
Metro
Pacific, which invested in Makati Medical Center, or
Makati Med, is in talks for a possible purchase of
another hospital this year.
“There
are some preliminary discussions. For Makati Med, we are
keeping at 600 beds. The hospital we are looking at has
150 to 300 beds,” Pangilinan added.
Makati
Med, according to Metro Pacific president Jose Lim, is
likely to match last year’s P223 million net income.
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