Friday, 16 December 2011

New partnership formed to fund P17-B Skyway Stage 3 project

Manila Bulletin

MANILA, Philippines — Construction of the 14-kilometer Skyway Stage 3 project is expected to commence in the second quarter of next year with four Indonesian companies forming a new company to finance the P17 billion-project.

Citra Marga Nusaphala Persada, Citra Lamtoro Gung Persada (CLP), Bhaskara Duniajaya and Matra Sarana Arsitama, collectively known in the Philippines as the Citra Group, the four Indonesian firms that own the majority interest in the Skyway concessionaire Citra Metro Manila Tollways Corp. (CMMTC), have consolidated their shareholdings by forming a new company.

The newly formed company has secured over P17 billion in total funding required for both the acquisition of existing toll roads and building new toll roads.

Having invested in the Philippines since 1995, and overcoming the Asian and global financial crises of 1997 and 2008, the Citra Group can be considered the most steadfast foreign developer of toll roads in the country, in good times and bad.

After completing Skyway Stage 2 ahead of schedule in March this year, CLP together with its longtime joint venture partner, state-owned Philippine National Construction Corporation (PNCC), submitted to the government a proposal for Stage 3 to re-affirm its commitment to continue the Skyway from SLEX to NLEX.

The new elevated roadway will help solve Metro Manila’s traffic congestion by having on and off ramps in strategic locations along its entirety from Buendia, Osmena Avenue, the Pasig River, Araneta Avenue, A. Bonifacio crossing Sergeant A. Rivera all the way to Balintawak.

The Office of the Government Corporate Counsel and the Department of Justice under the Aquino Administration are of the opinion that the CLP-PNCC joint venture partnership has rights to Skyway Stage 3 project.

The new company is ready to support and finance the CLP-PNCC joint venture projects like the Skyway Stage 3 and the Metro Manila Expressway or C6 Stage 4.

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