MANILA, Philippines - Universal LRT Corp. Ltd. (ULC) has acquired the entire shareholdings of Hollington Management Ltd. in Universal LRT Corp. BVI Ltd. (ULCBVI), the consortium behind the Metro Rail Transit (MRT) 7 project.
Hollington is a wholly owned subsidiary of Republic Glass Holdings Corp.
The entire shareholding of Hollington in ULCBVI represents about 7.8 percent of the latter’s total outstanding shares of stock.
ULCBVI is a single purpose company formed and registered in the British Virgin Islands by a consortium of companies for the purpose of offering and subsequently executing a new LRT System in Metro Manila, namely the MRT 7-SM Line.
ULC BVI holds the exclusive right, obligation and privilege to finance, design, construct, supply, complete and commission the MRT Phase 7 project by virtue of the concession agreement dated June 18, 2008 with the Philippine government, through the Department of Transportation and Communications (DOTC).
The consortium includes Tranzen Corp., La Costa Development Corp., China Railway 18 Group, ULC, Redford Assets Limited (SM Investment Co./Banco de Oro/Penta), Penta Capital Management Corp., Merlin Pacific Capital Inc., TCGI Engineers, E. L. International Holdings Group, and other private investors, according to the company’s website.
Businessman Salvador “Buddy” Zamora is said to own 63 percent of the consortium while private entities own the remainder.
MRT 7 is a combined 45-km of road and rail transportation project from Bocaue exit North Luzon Expressway (NLEX) to MRT3 at North Avenue-EDSA. The 22-km, six-lane asphalt road will connect the NLEX to the major transportation hub development in Tala, San Jose del Monte. The 23-km mostly elevated MRT starts from Tala and ends at the integrated MRT 3/MRT7 station at EDSA.
Diversifying conglomerate San Miguel Corp. (SMC), through its wholly-owned subsidiary, San Miguel Holdings Corp. (SMHC), last Oct. 28 entered into a share sale and purchase agreement with ULC, a company owned by Zamora, under which SMHC shall acquire up to 51 percent equity interest in ULCBVI.