BUSINESSMAN Manuel Pangilinan's Metro Pacific Investments Corp. (MPIC) has expressed interest in acquiring Ayala Corp.'s 35-percent stake in Light Rail Manila Corp. (LRMC), the private operator of the Light Rail Transit (LRT) Line 1 (LRT 1).

"I think in principle we are [interested] for a number of reasons. One is the possibility of being able to bid for the MRT 3 (Metro Rail Transit Line 3)," MPIC Chairman Manuel Pangilinan told reporters.

Light Rail Transit (LRT) Line 1. PHOTOS BY ISMAEL DE JUAN

"I understand that the government wants to do what they did with NAIA (Ninoy Aquino International Airport), because we submitted an original proposal. I think they are taking a similar path to NAIA's, where there was an open bidding. That's likely to be made in 2025," he added.

MPIC has the right of first refusal on Ayala's stake in LRMC given its 35.8-percent interest in the rail operator. Other key stakeholders are Sumitomo Corp. with 19.2 percent and Macquarie Infrastructure Holdings Philippines with 10 percent.

"They (the Ayalas) have signified their intention publicly to divest. And I think it is easier for us to move if it were majority owned, fully under the control of MPIC," Pangilinan said.

LRMC won the bidding for the 11.7-kilometer Cavite extension project and took over operation of LRT 1 in September 2015. LRT 1 runs from Baclaran in Pasay City to Muñoz in Quezon City.

The LRT 1 operator has said that Phase 1 of the Cavite extension project would be operational before the end of 2024.

On Tuesday, Ayala Corp. shares rose P6.50, or 0.92 percent, to P710 each.