San Miguel Corp. (SMC) said on Wednesday it has paid the P11 billion
it committed itself to when it won the bidding for the right to build
the Ninoy Aquino International Airport (NAIA) Expressway.
Through its subsidiary Optimal Infrastructure, SMC topped the bidding
for the second Public-Private Partnership project of the government
after promising to pay P11 billion upfront to construct the expressway.
Ramon Ang, SMC president, said it now awaits the government to comply
with its commitment to provide the road right of way as well as project
design, after which the company will start construction.
“Immediately after they’ve provided the design and ROA, we will
construct it quickly,” said Ang on the sidelines of San Miguel unit San
Miguel Properties Inc.’s stockholders meeting.
The seven kilometer, four-lane expressway will connect NAIA to Pagcor
City in Paranaque City, while linking two existing expressways, Skyway
and the Manila-Cavite Toll Expressway.
It will have entry and exit ramps at Roxas Boulevard, Macapagal Boulevard, and Pagcor City.
Ang also said his group expects the completion of a share sale by
unit Philippine Airlines within the month in order to comply with the
Philippine Stock Exchange’s 10 percent minimum public float.
Ang, without providing details, said the sale will be facilitated by PNB Capital.
Meanwhile Presidential Spokesman Edwin Lacierda said yesterday that traffic rerouting schemes would be enforced to ease congestion and minimize inconvenience to motorists during construction.
He said they hope to complete the construction of the expressway in
time for the Asia-Pacific Economic Cooperation (APEC) summit in 2015. with Jocelyn Montemayor
source: Malaya
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