29 May 2020

Philippines

SC has indirectly acquired about 19.2% share of Light Rail Manila Corporation (Head Office: Pasay City, Metro Manila; hereinafter, “LRMC”), which undertakes operation and maintenance of the Manila Light Rail Transit System Line 1 (hereinafter, “LRT-1”), a passenger railway in Metro Manila (hereinafter, “the Investment Project”).

The Philippines is one of the fastest growing regions within the ASEAN group. Its population is forecasted to continue to increase over the next several decades. Notably, the population of Metro Manila is projected to expand approximately 1.3-fold to some 18 million people by 2035. In addition, according to a report by the Asian Development Bank (ADB), Metro Manila is the most congested of 278 major cities in Asia, and therefore in urgent need to develop an efficient and economical public transit system.

The Investment Project is the first investment SC has made in the operation of a passenger railway business in Southeast Asia.

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Manila LRT-1 Fleet