FOOD-TO-POWER conglomerate San Miguel Corp., said Friday its wholly owned subsidiary San Miguel Holdings Corp. had purchased a 51% stake in the $1.24-billion Metro Rail Transit (MRT) 7 project.
In a disclosure to the Philippine Stock Exchange, the firm said it executed on Thursday a share and purchase agreement with the Salvador B. Zamora-led Universal LRT Corp. Ltd.
Universal LRT holds the exclusive right, obligation and privilege to finance, design, construct, supply, complete and commission the project under a concession agreement with the government dated June 18, 2008.
The MRT-7 project consists of 45 kilometers (km.) of road and rail transportation from the Bocaue, Bulacan exit of the North Luzon Expressway (NLEx) to the MRT-3 line's North Avenue-EDSA station in Quezon City.
A 22-km., six-lane asphalt road will connect the NLEx to a transportation hub in Tala, Caloocan City and the adjoining municipality of San Jose del Monte in Bulacan. -- Aura Marie P. Dagcutan
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