Metro Manila (CNN Philippines, August 9) — Billionaire Manny Villar has forayed into the toll roads business with the acquisition of the four-kilometer Muntinlupa Cavite Expressway (MCX) from Ayala Corporation.
In a statement, the Villar Group said its Prime Asset Ventures, Inc. (PAVI) signed implementing agreements on Wednesday for the purchase of the MCX.
The press release did not state the amount of the transaction, but based on a disclosure last year, the acquisition was likely valued at ₱3.8 billion.
Both parties secured the approval of the Department of Public Works and Highways for the transfer of ownership on July 29.
Villar, who was present during the signing ceremony, said that the motoring public can expect “better services in the area of roads and tollways.”
“Ayala developed MCX over a decade ago to connect Metro Manila to Imus, Dasmarinas and Bacoor in Cavite, which were experiencing rapid growth. MCX succeeded in relieving traffic congestion and reducing the travel time between Metro Manila and Cavite. The sale of MCX represents another example of our recycling capital to benefit from opportunities in our core and emerging businesses,” said Ayala Corporation President and CEO Cezar Consing.
Villar’s empire spans housing, retail, food, water, power, and utilities, to integrated resorts and entertainment.
