Keppel Infrastructure Trust (KIT) and Metro Pacific Investments Corp. (MPIC) have agreed to acquire 100 percent of the interest of Philippine Tank Storage International (PTSI) from Philippine Investment Alliance.
PTSI owns Philippine Coastal Storage & Pipeline Corporation (PCSPC), the largest petroleum products import storage facility in the Philippines. PCSPC consists of three tank farms and one marine terminal area, with a combined land size of 150 hectares (370 acres).
Following the transaction, KIT will indirectly hold 80 percent of the shares in PTSI, and MPIC will indirectly hold the remaining 20 percent. KIT will pay $267 million for its share, subject to adjustments.
KIT is also in discussions with MPIC on a proposed grant of a call option, which will give MPIC’s subsidiary a right to purchase up to 30 percent of PTSI.
“The strategic acquisition of PCSPC will allow KIT to diversify, grow and strengthen the resilience of KIT’s distributab
