Citra Group proposes Php 50 billion expressway project
Padma Funds, as part of the Citra Group, has consolidated 76.5% of its shareholdings in PT Citra Marga Nuphasala Persada Tbk (CMNP) under one consortium to support its strategic business move to expand toll assets and other infrastructure-related businesses.
One of its subsidiaries, PT Citra Persada Infrastruktur (CPI), submitted to the Philippine government a proposal for a PHP 50-billion, 17.7-kilometer Manila-Taguig Expressway, now under evaluation by the Department of Public Works and Highways. Other CMNP subsidiaries engaged in toll road construction and maintenance and other integrated infrastructure businesses continue to boost CMNP’s financial performance.
The Citra Group conceptualized the Metro Manila Skyway Project (MMSP) Stages 1, 2 and 3, and the Metro Manila Expressway (MME) or C6 in partnership with the government-owned Philippine National Construction Corporation in 1993.
The Citra Group developed, funded and built MMSP Stages 1 and 2, ahead of government-mandated schedule and within project budget.
Padma Funds is the partner of San Miguel Holdings, Inc. under Atlantic Aurum Investment Ltd. B.V. (AAI), which was formed to integrate the toll road concessions south of Luzon. Currently, it includes the concessions for MMSP Stage 1 and 2, MMSP Stage 3, and South Luzon Expressway under Citra Metro Manila Tollway Corporation, Citra Central Expressway Corporation and South Luzon Tollway Corporation , respectively. It is originally planned to also include Citra Intercity Tollways, Inc., Star Infrastructure Development Corporation and Vertex Tollways Development, Inc. as concessionaires, respectively, of MME-C6, Star Tollway and NAIA Expressway. The proposed Manila-Taguig Expressway is solely a CPI/Citra project.
The new CMNP consortium is poised to undertake new infrastructure projects not only in Indonesia and the Philippines but in other Asian countries as well.