Philippines fail to sell stakes in Tollways Management Corporation
The Government of the Philippines through its Privatisation and Management Office (PMO) has failed to receive bids for the sale of its 20% shares in Tollways Management Corporation (TMC).
PMO has invited prospective bidders for the sale of its 76,000 common shares in TMC for at least PHP2.6 billion (US$49.95 million).
TMC operates and maintains toll roads in major expressways in the capital region. It is a unit of NLEx Corp, a subsidiary of Metro Pacific Tollways Corp. NLEx Corp. is the builder-concessionaire and operator of North Luzon Expressway and Subic-Clark-Tarlac Expressway.
PMO awaits for the directive from the Privatization Council before launching again the sale process.
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