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Ferry route of Megawide s Cebu project questioned
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Megawide keen on more projects with LGUs
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SunStar
+ April 20, 2021 The proponent and detractors on the development of Carbon Public Market into a world-class public market never run out of arguments. I have already given both parties the chance to air their side through this column in our past issues. I thought that was enough for them so that their stand will be known to the stakeholders in particular and the Cebuanos, in general.
But I received an addendum from Vice Mayor Michael Rama who categorically declared that he is not against any development at Carbon Public Market, but he just wants to clarify things and to correct some defects in the Joint Venture Agreement (JVA) so that it can stand on legal ground and he will not be blamed for whatever results the contract may have in the future. Here’s the full text of Mike Rama’s statement:
BusinessWorld
January 12, 2021 | 12:08 am
MEGAWIDE Construction Corp. has entered into a joint venture agreement with Cebu City for the redevelopment of the Cebu Carbon Market.
In a disclosure to the stock exchange on Monday, the listed company said the deal also covers the operation of mixed-use assets on the project site.
The term of the joint venture agreement is 50 years, extendible for another 25 years upon mutual agreement of the parties, Megawide added.
The company also said its total investment in the project throughout its term is estimated at P5.5 billion.
Cebu City will contribute the exclusive use and possession of the project site.
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