San Miguel Corporation (SMC) and DMCI Holdings Inc. announced that they have completed the acquisition of a combined 72.22 percent stake in Private Infra Dev Corporation, a consortium of construction companies behind the Tarlac-Pangasinan-La Union Expressway Project.

In a disclosure to the Philippine Stock Exchange Monday, SMC said it has acquired a 35 percent stake in PIDC through a subsidiary, Rapid Thoroughfares Inc.

“This is to inform the investing public that the Shareholders’ Agreement between the Corporation, San Miguel Corp. nominee Rapid Thoroughfares, Inc. (RTI), and other shareholders of Private Infra Dev Corporation (PIDC) has been finalized today,” SMC said.