Naia Expressway deal: SMC gets notice of award
MANILA, Philippines—San Miguel Corp. (SMC) has been issued the award notice by the Department of Public Works and Highways (DPWH), recognizing the conglomerate as the winner for the right to build and operate the 7.15-kilometer Naia Expressway Phase II project.
The DPWH, which is implementing the project, awarded the notice on May 6 but only announced it in a statement on Thursday.
SMC, through unit Optimal Infrastructure Development Inc., bagged the project by a large margin through an aggressive P11 billion in upfront cash bid on April 15, 2012. The amount was 36 times bigger than the offer submitted by the only other bidder, Metro Pacific Investments Corp.
With the formal notice, SMC will be required to pay the government the P11 billion upfront cash payment, which comes on top of the estimated P15.52 billion construction cost, within 30 days from May 6, the