SunStar Megawide Construction realigns budget, after losing NAIA rehab
WORLD-CLASS PROJECT. Photo shows the planned seven-hectare property redevelopment project of Megawide Construction Corp. and the Cebu City Government, which includes the rehabilitation of Carbon Public Market. The five-year project begins in 2021.(SunStar file)
+ March 01, 2021 AFTER losing its original proponent status (OPS) for the rehabilitation of the Ninoy Aquino International Airport (NAIA), Megawide Construction Corp. has decided to reallocate its budget to finance other projects in the country, including those in Cebu.
On Nov. 26, 2020, the company raised P4.3 billion through its Series 2A and Series 2B preferred shares offering which were almost 1.5 times oversubscribed from the base offer of P3 billion. The proceeds, the firm said, would be used to support its infrastructure projects including its proposal to rehabilitate and transform the NAIA.
BusinessWorld
March 2, 2021 | 12:06 am
MEGAWIDE Construction Corp. on Monday said its board of directors recently approved a resolution that seeks to increase its authorized capital stock of preferred shares.
In a disclosure to the stock exchange, Megawide said its board of directors agreed to the increase by 26 million to a total of 150 million “cumulative, non-voting, non-participating, non-convertible, perpetual preferred shares.”
The move will increase the company’s total authorized capital stock to P5.08 billion.
The board likewise agreed to accept the subscription of Citicore Holdings Investment, Inc. to 25% or 6.5 million preferred shares of the increase. The holding company is involved in renewable energy projects through its subsidiaries.
NAIA upgrade and the recovery of the aviation industry bworldonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bworldonline.com Daily Mail and Mail on Sunday newspapers.
. Dapat tama lang,” Gavieta explained.
[Translation: In railways, airport systems, toll roads, the government should regulate these in such a way that the private sector’s financial returns aren’t excessive. They should just be the right amount.]
Meanwhile, think tank Infrawatch convener Terry Ridon argued the Department of Transportation threw the private proponent under the bus” when confronted with issues on Megawide-GMR s financial clout. As PPP partners, it was supposed to jointly work with the private proponent to ensure that all eligibility requirements were met prior to submission to the NEDA ICC,” Ridon told CNN Philippines. He noted both sides should have continued working together in the re-submission of a proposal after the body returned the initial one due to incomplete requirements.
Published February 22, 2021 9:06am
Updated February 22, 2021 1:52pm Airport authorities announced the cancellation of flights for Monday, Feb. 22, 2021, due to bad weather. According to the Manila International Airport Authority, the following flight has been canceled:
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