Thursday, December 2, 2010

MTD Capital up on expected RM150m gain from Philippines toll hike

KUALA LUMPUR: Shares of MTD CAPITAL BHD [] advanced on Thursday, Dec 2 as it stands to gain RM150m annually from Philippine toll hike in South Luzon Expressway.

At 3.44pm, it is up 31 sen to RM6.91 with 87,600 shares done.

The FBM KLCI is up 13.56 points to 1,498.98. Turnover is 713.8 million shares done valued at RM1.21 billion. There were 465 gainers, 260 losers and 288 stocks unchanged.

The Edge FinancialDaily reported on Wednesday that MTD Capital, Malaysia's second largest highway operator and owner, could rake in at least some RM150 million in annual toll revenue from the South Luzon Expressway (SLEX) in the Philippines next year if higher toll rates there are implemented in January 2011.

The Philippines' business paper BusinessWorld, quoting Julius G Corpuz, an official with the Philippines Toll Regulatory Board (TRB), reported that the implementation of higher toll rates could happen in the first week of January next year.

'Our lawyers just have to review the copy of the decision, convene a meeting the middle of next week to discuss whether to maintain or increase the existing proposed rates based on the project cost, present and projected traffic volume and operations and maintenance cost,' Corpuz was quoted as saying.

It was reported that the TRB would also review the proposed rates by tollway operator South Luzon Tollway Corp (SLTC) for the recently completed 7.5km link ' known as Toll Road Project 3 (TR3) ' between SLEX and the Southern Tagalog Arterial Road (STAR).

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