Megawide denies NAIA rehab bid junked, threatens libel cases

Megawide Construction Corp. on Tuesday belied reports that its bid to rehabilitate the Ninoy Aquino International Airport (NAIA) was junked by the government, as the company had fulfilled requirements to demonstrate its financial capability to finance the project.

In a disclosure to the local bourse, Megawide denied reports that its NAIA takeover bid was junked by the National Economic Development Authority (NEDA) as reported on Bilyonaryo.com.

"A website has claimed today that the unsolicited proposal to rehabilitate and transform Manila’s NAIA from publicly listed Megawide was 'junked' by the NEDA... This is false," the regulatory filing read.

The disclosure also warned that those circulating such reports could face libel charges, citing the Cybercrime Law.

"Misinformation such as this may cause further unnecessary delays and complications that affect the timely delivery of much-needed infrastructure projects, especially at a time when our country needs it the most. Now is the time for bayanihan to uplift one another, not pull each other down," it said.

Megawide, along with its partner Bangalore-based GMR Infrastructure Ltd., was granted the original proponent status (OPS) for the NAIA rehabilitation in July, after talks with the NAIA Consortium -- made up of several of the country's largest conglomerates -- collapsed.

The $3-billion unsolicited proposal of the Megawide consortium was submitted in March 2018, but was set aside in favor of the NAIA Consortium whose proposal was received by the government first.

Its updated proposal is pegged at P109 billion under a 25-year concession period, with the construction to be done in three phases -- the improvement of airside congestion and terminals and the connection via bus rapid transit; the construction of a new terminal and additional taxi lanes; and the construction of an elevated railway.

The group said it submitted additional documentary proof of its capability to sustain the financing requirements to the Manila International Airport Authority (MIAA) last Friday, November 20, 2020.

"With the Company’s financial capability and tried and tested airport experience, Megawide’s proposal to rehabilitate and transform the NAIA complex remains valid and the company looks forward to partnering with the national government, NAIA stakeholders and civil society in a spirit of bayanihan to deliver an economic win for the Filipino people," it said.

Megawide is the private partner for several other infrastructure projects such as the Paranaque Integrated Terminal Exchange (PITX), the construction partner for the Clark International Airport New Passenger Terminal Building, and the Malolos-Clark Railway Project Package 1.

The company's subsidiaries include GMR Megawide Cebu Airport Corporation, Megawatt Clean Energy Inc., Globemerchants Inc., Megawide Land Inc., Megawide Cold Logistics Inc., Megawide Construction (BVI) Corporation, Megawide Terminals Inc., Megawide International Limited, Megawide Construction DMCC, Megawide Construction (Singapore) Pte. Ltd, and MWM Terminals Inc.

Shares in Megawide closed Tuesday at P9.90 apiece, down by P0.44 or 4.26% from the previous close of P10.34 apiece. — DVM, GMA News