A PROPOSED joint venture between Metro Pacific Tollways Corp. (MPTC) and San Miguel Corp. remains on track and is expected to be finalized before the end of this year, Metro Pacific Investments Corp. Chairman, President and Chief Executive Officer Manuel Pangilinan said on Tuesday.

"Talks have been making progress," he told reporters.

"I think we will definitely sign an agreement within the year ... maybe in the next few months, but I think most definitely by the second half of the year as it will still be subject to government approval," Pangilinan said.

He also reiterated that MPTC's Indonesian assets would be part of the deal.

In February, Pangilinan said that both firms were at the stage where they were exchanging information regarding their tollway operations.

He also said that the joint venture could be listed at the Philippine Stock Exchange.