Megawide dusts itself off after NAIA loss as it takes on other projects
After losing its original proponent status in the Ninoy Aquino International Airport (Naia) project, construction and engineering firm Megawide Construction Corp. is realigning some of the proceeds from its P4.4-billion preferred shares offering last year to boost plans for its transport hub projects in Parañaque and Cebu.
In a disclosure to the Philippine Stock Exchange on Monday, Megawide said the P1.2-billion initial allotment for the Naia rehabilitation project would be rechannelled to expand the scope of existing projects, particularly the Parañaque Integrated Terminal Exchange (PITX) and the Cebu Integrated Transport hub project.
With the additional funds, PITX lot 2 development would now potentially cover other landport locations across the country. “Our proof of concept and actual operational track record for the PITX landport has led to new expansion opportunities,” said Megawide chair and CEO Edgar Saavedra.
“Activities over the last six months in this space have been very encouraging and the company has been in advanced discussions with representative parties in several areas identified as potential landport locations. We are hopeful that these will be finalized before the end of the year to scale up our company’s existing transport-oriented development infrastructure,” he continued.
Cebu hopes
The Cebu Integrated Transport Hub Project is also seen to get a boost especially after Megawide executed last January a joint venture agreement with the local government of Cebu City for a 50-year concession to redevelop and operate the carbon market. The project will require predevelopment and logistical expenses in line with its five-year development timetable, which aims to further accelerate economic growth and development in Cebu. In addition, Megawide unveiled plans to increase the capacity of its ancillary business units under its engineering, procurement and construction platform to complement its state-of-the-art precast technology. Megawide is also banking on the government’s roll-out of major infrastructure projects, such as the Malolos-Clark Railway Project, the North-South Commuter Rail Project-South Line and the Subway System Project.
Megawide is the private partner of the government for the development of the Mactan-Cebu International Airport.
