Private equity firm I Squared Capital, through its Philippine affiliate, will buy Philippine Tank Storage International from Singapore’s Keppel Infrastructure Trust KEPL.SI and Metro Pacific Investments Corp MPCFF.PK in a $296 million deal.
Hong Kong’s First Pacific 0142.HK said on Wednesday its Philippine affiliate, Metro Pacific, will sell its 50% stake in Philippine Coastal Storage & Pipeline Corp, which is owned by Philippine Tank Storage International, the company that runs the biggest petroleum products import storage facility in the country. The other 50% stake in the Philippine firm is owned by Keppel’s infrastructure trust.
Keppel Infrastructure Trust, in a separate announcement, said it would sell its stake in Philippine Coastal Storage & Pipeline Corporation alongside Metro Pacific for $460 million, including debt. The Philippine affiliate of global investor I Squared Capital is Coral Terminal Holdings Corporation. Philippine Coastal operates the petroleum storage and pipeline facilities of the Subic Bay Naval Base and Clark Air Force Base — former U.
S. military bases — according to its website. Its 160-hectare facility includes a marine terminal, fuel storage tank farms and tank truck loading facilities.
In late August, Reuters reported that the owners of Philippine Tank Storage International were seeking to bring a strategic investor into the company. READ : Philippines’ biggest oil import storage firm seeks strategic investor, sources say According t.