Metro Pacific Investments Corporation (MPIC) and Keppel Infrastructure Trust (KIT) have completed their purchase of Philippine Tank Storage International (Holdings) (PTSI), which owns the largest petroleum products import storage facility in the Philippines.
The deal was first announced on 9 December 2020. In a 1 February 2021 filing with the Philippine Stock Exchange, MPIC said that the Philippine holding company it set up with KIT subsidiary Bay Philippines Holdings Corporation (Bay PH), called KM Infrastructure Holdings, now owns 100% of PTSI’s shares.
At the time the KM Infrastructure was set up, Bay PH held the majority 80% share of KM Infrastructure, with MPIC owning the remaining 20%. However, MPIC says that it has now bought another 30% of the shares in the holding company from KIT, meaning that the partners now each hold 50%. The partners have also entered into a shareholders’ agreement to manage KM Infrastructure.
PTSI owns the Philippine Coastal Storage & Pipeline Corporation (PCSPC), which has three tank farms and a marine terminal covering a total area of 150 ha in the Subic Bay Freeport Zone. PCSPC has a total capacity of 6 million bbl, approximately 36% of the total import terminal storage capacity in the Philippines. It serves the highly populated areas of Metro Manila and Central and North Luzon.