Former Citra stockholder seeks probe on share sale

MANILA, Philippines - A former minority stockholder of Citra Metro Manila Tollways Corp. (CMMTC) is seeking government intervention for an unusual transaction in the acquisition of the Skyway concession holder.

An official of Citra Marga Nusaphla Persado Tbk (CMNP) said its shares in CMMTC was bought at low prices.

“We will ask the Philippine government to help us in the investigation,” CMNP president and CEO Jusuf Hamka said in a teleconference yesterday.

“We suspect the price is not fair because I understand the share is already worth about $135 million,” Hamka said, adding that CMNP’s 21-percent share in CMMTC was bought for only $3.25 million.

Furthermore, not all shareholders agreed to the buyout, Hamka said. The company is looking at securing the help of international lawyers to investigate the share sale, he said.

In an article by Bisnis Indonesia early this month, CMNP divested its shares believing the toll business is not profitable amid declining income and $40 million in claims by contractors.

CMMTC is the concession holder and operator of the Skyway project, an elevated toll road that connects the capital to areas south of Metro Manila.

San Miguel Holdings Corp. of diversified conglomerate San Miguel Corp. (SMC) holds a 46-percent stake in Atlantic Aurum Inc., the corporate vehicle of the Citra Group that has controlling equity interest in CMMTC.

SMC officials were not immediately available for comment.

San Miguel Holdings, which is beefing up its infrastructure portfolio, has the option to increase its stake in Atlantic Aurum to 51 percent at a later date.

SMC has been aggressively moving away from its core food and beverage business, and into heavy and high-growth sectors including telecommunications, oil refinery, power and infrastructure.