San Miguel Corp. (SMC) President Ramon S. Ang will serve as chief executive officer (CEO) of the planned ‘mega tollway’ company that will be formed through the merger of the country’s two largest toll road operators, Metro Pacific Tollways Corp. (MPTC) Chairman Manuel V. Pangilinan said.
‘Mainly in Ramon’s hands. He will be the CEO,’ Pangilinan told reporters when asked how management of the combined entity would be divided between the two groups.
Pangilinan confirmed that San Miguel will hold a majority 55-percent stake in the merged company, with his group taking the remaining 45 percent – although he noted the split ‘could change on the final valuation.’
The MPTC chief said both camps are working to fast-track the transaction and expressed confidence it could still be concluded within the year.
‘We’re trying to expedite it. Things move slowly in this country, right? So, we’re just keeping pace,’ he said. Asked if the deal could still close in 2026, Pangilinan said: ‘Kaya pa. There’s a lot of goodwill on both sides.’
Pangilinan also reiterated that the consolidation will cover only the two groups’ domestic toll assets, excluding MPTC’s operations in Indonesia and the rest of Southeast Asia.
The disclosure firms up the leadership and ownership structure of a deal that has been in the works since November 2023, when the two conglomerates began talks to combine their tollway portfolios.
Negotiations stalled in early 2025, with Pangilinan saying discussions were being ‘deferred’ as MPTC focused on raising equity to pare down debt, before regaining momentum this year.
MPTC operates the North Luzon Expressway (Nlex), Nlex Connector, Subic-Clark-Tarlac Expressway (Sctex), Cavite Expressway (Cavitex), Cavite-Laguna Expressway (Calax), and Cebu-Cordova Link Expressway (Cclex), along with toll road investments in Vietnam and Indonesia.
San Miguel, through its infrastructure arm, runs the South Luzon Expressway (Slex), Star Tollway, Tarlac-Pangasinan-La Union Expressway (Tplex), the Skyway system, and the Ninoy Aquino International Airport Expressway (Naiax).
Ang recently announced that he acquired the 25.7-percent stake of Eugenio ‘Gabby’ L. Lopez III in Lopez Inc. (LI) via a deal with Creme Investment Corp., the holding company which owns the shares.
The SMC chief said he invested in his personal capacity through his wholly owned holding company, Illumina Investment Holdings Inc.