Metro Pacific Tollways Corporation (TOL), formerly First Philippine Infrastructure, Inc. (FPII), was incorporated as City Resources (Phil.) Corporation (CRC) on February 24, 1970 to engage in mining exploration. On January 31, 1994, CRC sold, transferred and conveyed the mining rights over all of its mineral properties located in the municipalities of Paracale and Labo, both in the Province of Camarines Norte. On March 24, 1994, the Securities and Exchange Commission (SEC) approved a change in CRC's primary purpose from a mining company to that of a holding company. SEC approved a change in the company's name to FPII in May 2007. On March 27, 2009, SEC approved another change in the company's corporate name from FPII to Metro Pacific Tollways Corporation. In 1994, the company had no operations and trading in its common shares was suspended. On November 17, 2004, SEC revoked the registration of securities and permit to sell securities to the public issued to TOL for its failure to comply with reporting obligations under the Securities Regulation Code and the Implementing Rules and Regulations. TOL filed a petition for review where it stated that it will revive its operations by the transfer of the shares of Benpres Holdings Corporation (BPC) and First Philippine Holdings Corporation (FPH) in First Philippine Infrastructure Development Corporation (FPIDC) to TOL. FPIDC is a wholly-owned subsidiary of TOL, which in turn owns 100% of Luzon Tollways Corporation, 67.1% of Manila North Tollways Corporation, and 46% of Tollways Management Corporation. FPIDC is engaged in toll road infrastructure projects. On August 26, 2008, FPH and BPC entered into a share purchase agreement (SPA) with Metro Pacific Investments Corporation (MPI), a publicly-listed Philippine corporation, to sell, assign and transfer to MPI all of their respective rights, title and interest in and to their shares in TOL. FPH and BPC sold their shares for a total purchase price of P12.2626 billion resulting to 99.84% ownership interest of MPI in TOL. Source: SEC Form 17-A (2008); CFB No. 2009-2599
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