February 8th, 2021 [Tank News International] – Keppel Infrastructure Trust (KIT) and Metro Pacific Investments Corporation (MPIC) have completed their purchase of Philippine Tank Storage International (Holdings) (PTSI).
PTSI owns the largest petroleum products import storage facility in the Philippines. The deal was first announced on December 9, 2020.
In a February 1, 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 percent of PTSI’s shares.
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, which is approximately 36 percent of the total import terminal storage capacity in the Philippines. It serves the highly populated areas of Metro Manila and Central and North Luzon.
When the KM Infrastructure was set up, Bay PH held the majority 80 percent share of KM Infrastructure, and MPIC owned the remaining 20 percent.
Now, MPIC has now bought another 30 percent of the shares in the holding company from KIT, meaning they each hold 50 percent. The partners have also entered into a shareholders’ agreement to manage KM Infrastructure.
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