Megawide, Cebu City ink P5.5-B Carbon Market redevelopment deal

Megawide Construction Corp. on Monday inked a deal with the local government of Cebu City to redevelop its Carbon Market for P5.5 billion.

In a regulatory filing, Megawide said it entered into a joint venture agreement (JVA) for the phased redevelopment of the Cebu Carbon Market.

The agreement includes the construction, development, and operation of mixed-use of the wet market for 50 years, which was extendible for another 25 years.

The local government, as its participation in the joint venture, shall contribute the exclusive use and possession of the project site.

Megawide projects include the Philippine School for Infrastructure Project Phases 1 & 2; the Paranaque Integrated Transport Exchange (PITX); and the construction of Terminal 2 of the Mactan-Cebu International Airport.

It is also eyeing to takeover and rehabilitate the Ninoy Aquino International Airport (NAIA), the country's main gateway.

Its direct subsidiaries include GMR Megawide Cebu Airport Corp., Megawatt Clean Energy Inc., Globemerchants Inc., Megawide Land Inc., Megawide Cold Logistics Inc., Megawide Construction (BVI) Corp., Megawide Terminals Inc., Megawide International Limited, Megawide Construction DMCC, Megawide Construction (Singapore) Pte. Ltd., and MWM Terminals Inc.

Shares in the company closed Monday at P8.50 apiece, up by 18 centavos or 2.16% from last Friday's finish of P8.32 apiece. — DVM, GMA News