Metro Pacific Takes Over Philippine Coastal Storage & Pipeline Corp
After buying out its owners, Metro Pacific Investment Corp. has taken over Philippine Coastal Storage & Pipeline Corp. (PCSPC), one of the country’s largest independent storage facility in Subic Bay.
The firm said that it already finished the acquisition of 100 per cent of Philippine Tank Storage International Holdings Inc. together with partner Keppel Infrastructure Fund Management Pte. Ltd, trustee-manager of Keppel Infrastructure.
In its filing, Metro Pacific said it acquired Philippine Tank Storage International Holdings from Macquarie Infrastructure Holdings (Philippines) Pte. Ltd., Government Service Insurance System and Langoer Investments Holding B.V. Metro Pacific and Keppel acquired the shares using a Philippine holding company called KM Infrastructure Holdings Inc. The holding company was 20 per cent owned by Metro Pacific and 80 per cent held by Bay Philippines Holdings, part of the Keppel Group.
Metro Pacific also said that it had acquired 30 per cent of the outstanding shares of KM Infrastructure for P4.1 billion, which boosted its stake in KM Infrastructure from 20 per cent to 50 per cent.
Furthermore, Metro Pacific and Keppel Infrastructure Trust entered into a shareholders’ agreement to govern their relationship in managing KM Infrastructure and its subsidiaries. This involved transfer provisions, customary governance provisions, and deadlock resolution mechanisms.