Metro Pacific 'exploring' purchase of Ayala Corp.’s LRT-1 stake
Back in mid-January, news broke that Ayala Corp. [AC 714.50, up 0.6%] [link] was looking to sell its 35% stake in Light Rail Manila Corp. (LRT-1) to the Villar Group, but that AC’s co-investor, Metro Pacific Investments (MPI), had the right of first refusal under its shareholders agreement. Now comes news from MPI that it is “interested” [link] in exercising its right as buying AC’s stake in LRT-1 would “make it easier for [MPI] to move if [LRT-1] were majority-owned, fully under the control of MPIC.” AC is selling its 35% stake in LRT-1 to re-align its portfolio away from infrastructure and toward property, telecom, and energy. MPI already has a 35.8% stake in LRT-1, so acquiring the AC stake would give MPI a 70.8% stake and complete control of LRT-1.
