San Miguel, through its subsidiary Universal LRT (ULC), has reached financial close on the Metro Rail Transit (MRT) Line 7 project in Philippines.
ULC bagged the contract for the PHP62.7bn ($1.32bn) public-private partnership project in 2008.
The company’s scope of work includes finance, design, construction, operation and maintenance of a 23km elevated railway from San Jose Del Monte in Bulacan to the MRT-3 North Avenue station in Quezon City. It also includes construction of 14 train stations.
Construction work and related activities are expected to start on 18 February 2016, with completion due in 17 August 2019.
Once complete, the railway system will have a daily passenger handling capacity ranging from 448,000 to 850,000.
ULC chairman Ramon Ang said: “We have already submitted the required documents to the Department of Transportation and Communications (DOTC) last week, certifying the commitment from us and our banks to provide financing facilities for the project.”