Megawide submits additional requirements for NAIA deal
Megawide, in a statement yesterday, said it has submitted to the Manila International Airport Authority additional?documents, which includes the statement of joint solidary liability as?required by the National Economic and Development Authority.
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Megawide submits additional requirements for NAIA deal

Richmond Mercurio (The Philippine Star) - November 24, 2020 - 12:00am

MANILA, Philippines — Megawide Construction Corp. said it has complied with the additional requirements necessary to move forward its P109-billion unsolicited proposal to rehabilitate and transform the Ninoy Aquino International Airport (NAIA).

Megawide, in a statement yesterday, said it has submitted to the Manila International Airport Authority additional?documents, which includes the statement of joint solidary liability as?required by the National Economic and Development Authority (NEDA).

The submission, it said, meets a key milestone towards its goal of starting the rehabilitation and transformation of the NAIA complex.

“The financial documents we submitted are sufficient to exclusively support the requirements of the NAIA project,” Megawide managing director for transport Louie Ferrer said.

“With this, we are hopeful our proposal to rehabilitate and transform NAIA into a first-world airport complex can now be elevated to the Cabinet committee for approval and proceed to Swiss challenge,” Ferrer said.

Last week, Megawide officials said the sole remaining issue preventing its proposal from moving forward is on its financial capability.

To address the financial requirements, Megawide entered into an agreement with Indian?infrastructure giant GMR?Infrastructure Ltd., with both companies agreeing to undertake the rehabilitation and transformation of NAIA as a partnership.

Megawide will hold a controlling 60 percent interest in the partnership, while GMR will hold 40 percent to ensure “solid financial capability and delivering unparalleled global experience in airport design, construction and operations.”

“Our partnership with GMR is strong. Together, we delivered the transformation of Mactan-Cebu International Airport and the construction of Clark International Airport. Now, we are hugely excited to deliver a first-world NAIA that uplifts the travel experience for all Filipinos and provides a critical assist to the national government’s efforts to rebuild after the pandemic,” Megawide chairman and CEO Edgar Saavedra said.

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