METRO Pacific Tollways Corp. (MPTC), the tollways arm of Metro Pacific Investment Corp. (MPIC), is optimistic in coming to terms with San Miguel Corp. (SMC) for a possible merger.

Rogelio Singson, MPTC president and chief executive officer, said that they have "engaged an advisor to look at evaluation for San Miguel and MPTC, and that's ongoing."

"We hope to get better numbers and hopefully come into an agreement as to the merger valuation," Singson told reporters earlier this month.

The MPTC chief said they are hopeful to reach the merger valuation within their target of year-end to eventually "decide on how to move forward."

Earlier reports said that the arrangement with SMC is 50-50, and the last major deal the companies are awaiting is the closing of the Trans-Java toll road.

"Since we already have signed our investment agreement in Indonesia, Indonesia will be part of the basket," Singson noted.

MPTC, through subsidiaries PT Margautama Nusantara and PT Metro Pacific Tollways Indonesia Services, and partner Singapore sovereign fund, GIC recently inked a deal to acquire a 35-percent stake worth $1 billion in Indonesian firm Jasamarga Transjawa Tol (JTT).

JTT currently has a network of 13 toll roads in the provinces of West Java, Central Java, and East Java that spans 676-kilometers, considered as Indonesia's crown jewel.

These allow the efficient flow of 850,000 vehicles daily across Indonesia's economic powerhouse of Java Island.

Last year, MPTC bagged a new concession project in Indonesia, which involves a 21.5-kilometer elevated toll road worth $1.4 billion.

SMC's share price was unchanged at P96 each last August 22.

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