Villar-led Prime Asset Ventures Inc. (PAVI) has signed implementing agreements for its acquisition of the 4-kilometer Muntinlupa-Cavite Expressway (MCX) from Ayala Corp.
Villar-led Prime Asset Ventures Inc. has signed implementing agreements for its acquisition of the 4-kilometer Muntinlupa-Cavite Expressway from Ayala Corp.
“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.
Last year, the Villar Group acquired the tollway business of Ayala under MCX Project Co. Inc. for P3.8 billion. The concession assets and obligations under the concession agreement are currently embedded within Ayala.
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