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The Consunji  family, through its listed investment  holding arm DMCI Holdings Inc., is adding more investment to the Tarlac-La Union tollway project. DMCI is subscribing to the capital increase of Private Infra Development Corp. (PIDC) amounting to P1.45 billion.

The company ‘s board also approved the waiver of its pre-emptive rights in connection with the acquisition by San Miguel Corp.’s wholly-owned unit, Rapid Thoroughfares Inc (RTI) of 1.575 million common shares of PIDC. Said shares represent 35 percent equity in the tollroad company.

PIDC has been granted by the government the concession to build and operate the P15 billion Tarlac-Pangasinan-La Union toll expressway project.

The said project, stretching to an 88.5-kilometer road, will extend from La Paz, Tarlac to Rosario, La Union. It will provide a seamless land link between Manila and Northern Philippines. The said expressway project is expected to cut the travel time from Manila to Baguio by half.

PIDC is owned DMCI and First Balfour Inc. with 35% percent stake each. Other shareholders in the company include giant EEI Corp., R.D. Policarpio and Co. Inc., J.V. Angeles Construction, New Kanlaon Construction Inc., Rockford Development, D.M. Wenceslao and Associates Inc. and J.E. Manalo and Co. Inc.

RTI, for its part, will be paying a portion of the subscription price amounting to P560.85 million on closing the deal. The balance of the subscription price will be paid pursuant to the capital calls of PIDC on such dates and amounts as may be determined by the PIDC Board. San Miguel has an option to raise its stake in PIDC to 51 percent.

With an estimated project cost P15.36 billion (including a P2.9-billion subsidy from the government for certain portions of the expressway), the expressway will initially have two lanes. Once traffic volume reaches 25,000 vehicles a day, two more lanes will be added.