Megawide to pitch for NAIA project


It was announced earlier this week that the “super consortium” is officially out of the Naia (Ninoy Aquino International Airport) public-private partnership project, construction, and engineering firm Megawide Construction Corp. is willing to take a second pitch to modernize Metro Manila’s main international aviation hub.

“We are open to study it,” Megawide chair and CEO Edgar Saavedra said in an interview with the Inquirer. “Technically, the proposal submitted by Megawide is still valid because it’s next in line,” Saavedra said.

The company’s proposal was considered “next in line” because it was submitted weeks after Naia Consortium’s offer was submitted in February 2018.

On Wednesday, the Department of Transportation announced that it had revoked the original proponent status of Naia Consortium due to some issues brought up the COVID-19 pandemic, ending years of negotiations and allowing the government to entertain other bidders.

The transportation undersecretary for planning Ruben Reinoso, said that Megawide’s proposal would be considered “if they are still interested.” It remains unclear if Megawide, operator of Mactan Cebu International Airport, was among the proponents currently in talks with the government, as explained by Finance Secretary Carlos Dominguez III on Wednesday.

Saavedra said they had not been in recent discussions with the government over the Naia project.

The company will have to “carefully check the terms of reference” to be set by the government, said Manuel Louie Ferrer, Megawide director, and president of GMR Megawide Cebu Airport Corp. Megawide and GMR of India submitted in 2018 a $3-billion unsolicited proposal to upgrade and rehabilitate the Naia under an 18-year concession.

Megawide Construction Corporation is listed in the Philippine Stock Exchange as $MWIDE and as of July 9, 2020, it was last traded at P 7.30 per share +4.29% higher than its previous close with P31.56M value traded.

Source: Inquirer; Official Statement from Megawide

-Stockbytes PH, July 9 2020

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