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San Miguel not looking for partner in MRT-7

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ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/news-special1/business/7/14/infographic_mrt7_160420-copy_twitter-04.png"/><figcaption><div class="embed-desc"><em>Courtesy of Philippine government</em></div></figcaption></figure></div><p>MANILA - San Miguel Corp. has no plans to get a new partner for the $1.6 billion Metro Rail Transit-Line 7 (MRT-7) project, company president and chief operating officer Ramon Ang said on Thursday.</p><p>San Miguel earlier acquired 100-percent control of the mass railway project by buying out shares of Universal LRT Corp. BVI and businessman Salvador Zamora II for $100 million.</p><p>San Miguel acquired Zamora&#x27;s shares on the condition that it will not sell them, Ang said.</p><p>&quot;We are have an agreement that we will not sell or flip the shares,&quot; he said.</p><p>In November 2010, San Miguel acquired a 51 percent equity interest in Universal LRT.</p><div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/news-special1/business/7/14/mrt-7-groundbreak-071416.jpg"/><figcaption><div class="embed-desc"><em>Photo courtesy of San Miguel Corp.</em></div></figcaption></figure></div><p>San Miguel broke ground for the MRT-7 project in April this year.</p><p>The project involves the construction of a 23-kilometer mass railway system linking San Jose del Monte in Bulacan to North Avenue in Quezon City. It is expected to be completed in three to four years.</p>

MANILA - San Miguel Corp. has no plans to get a new partner for the $1.6 billion Metro Rail Transit-Line 7 (MRT-7), company president and chief operating officer Ramon Ang said on Thursday.