PRIME ASSET Ventures, Inc. (PAVI) has signed the implementing agreements for its acquisition of the four-kilometer Muntinlupa Cavite Expressway (MCX) from Ayala Corp., the Villar-led company said on Wednesday.
“This momentous event shows our resolve to provide our countrymen better services in the area of roads and toll ways,” Manuel B. Villar, Jr., Vista Land chairman, said in a statement.
The company said that this aligns with the Villar group’s ongoing investment portfolio expansion, extending from its core businesses in housing, retail, food, water, power, and utilities to integrated resorts and entertainment.
“Ayala developed MCX over a decade ago to connect Metro Manila to Imus, Dasmariñas 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,” Ayala President and Chief Executive Officer Cezar P. Consing said.
Mr. Consing added that the sale of MCX represents the company’s aim to recycle capital to “benefit from opportunities in our core and emerging businesses.”
Ayala said last year that it would sell its entire stake in MCX to the Villar-led firm for P3.8 billion as part of its strategy to divest noncore assets.
The company said that it had signed an investment agreement with Prime Asset Ventures for the sale of its 100% ownership in MCX Project Company, Inc.
PAVI said that the Department of Public Works and Highways had given its consent for the transfer of ownership from Ayala to the Villar group on July 19, 2023.
The Villar-led PAVI is an investment and holdings company with a diverse portfolio of infrastructure and public utility assets. — Adrian H. Halili