Villar’s PAVI acquires MCX from Ayala Corporation

Villar-led Prime Asset Ventures Inc. (PAVI) on Wednesday signed the implementing agreements to formalize its P3.8-billion acquisition of the four-kilometer Muntinlupa Cavite Expressway (MCX) from Ayala Corporation.

The agreements were signed by Villar Group chairman Manuel Villar Jr. and Ayala Corporation president and CEO Cezar Consing.

In 2022, Ayala Corporation announced its divestments of 100% stake in MCX Project Co. Inc., selling it to Villar, whose Vista Land and Lifescapes Inc. owns integrated developments near the toll road.

The sale was subject to the approval of the Department of Public Works and Highways (DPWH), being the grantor of the project.

The DPWH had given its consent for the transfer of ownership from Ayala Corporation to the Villar Group on July 19, 2023.

“This momentous event shows our resolve to provide our countrymen better services in the area of roads and toll ways. You’ll be surprised by the many wonderful things to come in Villar City,” said Villar.

In 2021, Villar announced his plan to develop a sprawling 2,500-hectare property in the southern part of Metro Manila into a new central business district.

“Ayala developed MCX over a decade ago to connect Metro Manila to Imus, Dasmariñas and Bacoor in Cavite, which were experiencing rapid growth. MCX succeeded in relieving traffic congestion and reducing the travel time between Metro Manila and Cavite. The sale of MCX represents another example of our recycling capital to benefit from opportunities in our core and emerging businesses,” said Consing.

The Villar Group is expanding its investment portfolio from its core businesses on housing, retail, food, water, power, and utilities, to integrated resorts and entertainment. — BM, GMA Integrated News