In a press briefing at the MTD office in Malaysia, MTD Group managing director Dato Azmil Khalid expressed the Group’s desire to undertake more infrastructure projects in the Philippines.
"Yes, we are interested but we will not talk about it until we have completed this (SLEX) project and proven ourselves," Dato Azmil said.
"Let out work be our testimony. We intend to stay long in the Philippines," Dato Azmil assured.
He disclosed that previous Malaysian firms which had undertaken infrastructure projects in the Philippines but eventually backed out due to frustration had warned MTD not to venture to the Philippines.
MTD, however, Dato Azmil said, saw an opportunity to prove the Group’s capability where other Malaysian firms had failed.
According to Dato Azmil, the MTD Group went through the proper and legal process of acquiring its stake from Hopewell Crown Infrastructure Inc. (HCII), allowed the Philippine National Construction Corp. (PNCC) to conduct a due diligence and physical examination of MTD’s infrastructure projects in Malaysia, met the necessary Philippine government requirements and regulations, as well as secure the necessary financing for the project.
However, throughout the entire process, Dato Azmil admitted, the MTD Group decided to keep a low profile, thus, perhaps, arousing suspicion about the Group’s capability.
MTD Equity Sdn. Bhd. of Malaysia in December 2004 inked an agreement with the major proponents of the SLEX project led by Northeast Development & Acquisitions Corp. (NDAC) to acquire majority shareholdings in HCII.
HCII had a joint venture agreement with the PNCC to undertake the SLEX project.
MTD, one of the top five Malaysian construction companies, specializes in highway construction. It is also Malaysia’s second biggest toll operator managing four tollways in that country and one in India.
MTD built the 60-km Kuala Lumpur-Karak (KLK) Highway and the East-West Highway (Grik-Jeli).
Listed in the Kuala Lumpur Stock Exchange, MTD registered a turnover of $152 million on an asset base of $520 million and equity of $400 million in its fiscal year that ended March 2004.