METRO RAIL TRANSIT CORP.

OVERVIEW

Metro Rail Transit Corporation (MRTC) is a consortium originally composed of seven Filipino-owned companies. The group was formerly known as EDSA LRT Corporation LTD (ELCL), a Hong Kong-based firm which won the 1992 bid for the construction of the MRT-3 Project. The name was changed in 1995 when the Philippine-registered company, EDSA LRT Holdings, Inc. (ELHI) purchased roughly 85% of ELCL’s voting stock, thus obtaining majority control of the company.

The company financed the construction of the EDSA MRT-3 under a 25-year Build-Lease-Transfer (BLT) agreement with the Department of Transportation and Communication (DOTC). The latest restatement of said agreement was signed by both parties last August 7, 1997.

An Accession Undertaking and an Assignment and Assumption Agreement were executed, which gave MRTC all the rights and obligations to the Project agreements during the debt repayment period and established MRTC as the Project borrowing entity. MRTC was responsible for the MRT-3 Project design, construction, testing, commission, and maintenance.

The consortium also procured the light rail vehicles, train track, signaling, communication, power distribution, and other equipment, facilities, and spare parts; They sub-contracted necessary civil works — fixed guideways, passengers’ stations, power substations, LRV storage depot, maintenance facilities, and other necessities to operate the transit system.