Keppel Infrastructure Trust and Metro Pacific Investment Corporation to acquire Philippine Coastal Storage & Pipeline Corporation
- Acquisition of the largest petroleum products import storage facility in the Philippines
- A quality infrastructure business that will strengthen KIT’s portfolio
Keppel Infrastructure Fund Management Pte Ltd (KIFM), as the Trustee-Manager of Keppel Infrastructure Trust (KIT), is pleased to announce that KIT and Metro Pacific Investments Corporation (MPIC) have today entered into a conditional sale and purchase agreement with Philippine Investment Alliance for Infrastructure (PINAl)1, a fund, to acquire 100% interest of Philippine Tank Storage International (Holdings) Inc. (PTSI) which owns Philippine Coastal Storage & Pipeline Corporation (PCSPC), the largest petroleum products import storage facility in the Philippines.
Upon completion of the proposed acquisition, it is intended that KIT will indirectly hold 80% of the shares in PTSI and MPIC will indirectly hold 20% of the shares in PTSI.
Mr Matthew Pollard, CEO of KIFM, said, “The strategic acquisition of PCSPC will allow KIT to diversify, grow and strengthen the resilience of KIT’s distributable cash flow. As the largest petroleum products import storage facility in the Philippines, where demand for petroleum products is expected to grow, PCSPC presents an attractive opportunity for KIT to capture opportunities arising from the strong macroeconomic outlook as well as robust growth fundamentals for imported petroleum products in the Philippines.”
1 The PINAI comprises Government Service lnsurance System, Langoer Investments Holding B.V. and Macquarie Infrastructure Holdings (Philippines) Pte. Limited.