PAVI said in a statement it signed the implementing agreements for the acquisition of MCX after the Department of Public Works and Highways in July approved the transfer of ownership of from Ayala Corp. to the Villar Group. READ MORE:
PAVI said in a statement it signed the implementing agreements for the acquisition of MCX after the Department of Public Works and Highways in July approved the transfer of ownership of from Ayala Corp. to the Villar Group.
“This momentous event shows our resolve to provide our countrymen better services in the area of roads and toll ways. You’ll be surprised of the many wonderful things to come in Villar City,” Villar said. Ayala signed the 30-year concession agreement for the operation of MCX Expressway in 2012. It invested P2.2 billion for the project including a P902-million cash payment to the government.
“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,” Consing said.
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