Morrison & Foerster represented Sumitomo Corporation on its investment in Light Rail Manila Corporation (LRMC).
Sumitomo Corporation has indirectly acquired about 19.2% share of Light Rail Manila Corporation, which undertakes operation and maintenance of the Manila Light Rail Transit System Line 1, a passenger railway in Metro Manila.
The Investment Project is the first investment Sumitomo Corporation has made in the operation of a passenger railway business in Southeast Asia. LRT-1 runs some 20 kilometres in a north-south direction along Manila Bay in Metro Manila, between Roosevelt Station in Quezon City and Baclaran Station in Pasay City. LRMC first joined the Manila public transport market in 2015, securing a concession to operate, maintain and extend the LRT-1 Line. Since then, the company has been rehabilitating and repairing existing rail facilities and increasing the frequency and quality of train service. Further LRMC is extending routes, enhancing interconnections with other transit routes, and developed a schedule of works to further expand its transportation capacity going forward.
In collaboration with LRMC and its other shareholders (Metro Pacific Investments Corporation, AC Infrastructure Holdings Corporation and Macquarie Group), Sumitomo Corporation will endeavour to make LRT-1 even safer and more convenient in order to strengthen Metro Manila transportation network. Furthermore, through its participation in LRT-1, Sumitomo Corporation hopes to improve the living environment and meaningfully reduce economic losses for many commuting people in Metro Manila, by mitigating traffic congestion. Thereby contributing to local communities and the economic development of the Philippines.
Sumitomo Corporation is a leading Fortune 500 global trading and business investment company.
The MoFo team advising Sumitomo was led by Tokyo project finance partner Mike Graffagna (Picture), Tokyo corporate attorney Leo Aguilar, and Singapore project finance partner Tessa Davis, with support from Tokyo corporate associates Ganesh Vaheisvaran, Andrew Smith, and Sean Iijima.
Involved fees earner: Leopoldo Aguilar – Morrison Foerster; Tessa Davis – Morrison Foerster; Michael Graffagna – Morrison Foerster; Sean Koji Iijima – Morrison Foerster; Andrew Thomas Smith – Morrison Foerster; Ganesh Vaheisvaran – Morrison Foerster;
Law Firms: Morrison Foerster;
Clients: Sumitomo Corp.;