KUALA LUMPUR: MTD CAPITAL BHD []'s subsidiary MTD Manila Expressways Inc can proceed with the implementation of its 290% toll rate hike along the South Luzon Expressway in the Philippines after a motion seeking to restrain the hike was rejected by the Philippines Supreme Court.
The company said on Wednesday, Feb 9 that its subsidiary's legal counsel had on received a resolution dated January 11 from the Court which denied a petition for the issuance of a temporary restraining order (TRO) and/or status quo to restrain the implementation of the toll rate hike of 3.024 pesos or 22 sen per km initial toll rate hike.
The suit had been filed by Ernesto B. Francisco, Jr in the Supreme Court Philippines against the Toll Regulatory Board of Philippines, MTD Manila Expressways, Manila Toll Expressways System, Inc and the South Luzon Tollway Corp.
Manila Toll Expressways System is a 30% associate of MTD Manila Expressways and 40% associate of the Philippine National CONSTRUCTION [] Corp. South Luzon Tollway is an 80% subsidiary of MTD Manila Expressways.
MTD Capital had previously announced on Jan 5 with regards to the motion for the TRO and said such an order could not undo the implementation of the toll rate hike which had already been implemented.
The company said on Wednesday, Feb 9 that its subsidiary's legal counsel had on received a resolution dated January 11 from the Court which denied a petition for the issuance of a temporary restraining order (TRO) and/or status quo to restrain the implementation of the toll rate hike of 3.024 pesos or 22 sen per km initial toll rate hike.
The suit had been filed by Ernesto B. Francisco, Jr in the Supreme Court Philippines against the Toll Regulatory Board of Philippines, MTD Manila Expressways, Manila Toll Expressways System, Inc and the South Luzon Tollway Corp.
Manila Toll Expressways System is a 30% associate of MTD Manila Expressways and 40% associate of the Philippine National CONSTRUCTION [] Corp. South Luzon Tollway is an 80% subsidiary of MTD Manila Expressways.
MTD Capital had previously announced on Jan 5 with regards to the motion for the TRO and said such an order could not undo the implementation of the toll rate hike which had already been implemented.
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