The Cordova Link Expressway Corporation (CCLEC), MPTDCs
subsidiary, will undertake the project.
Cebu City Administrator Lucelle Mercado said the MPTDC
could give the security bond to the LGUs in the form of cash or certified check, manager's check, letter of credit, or bank draft or guarantee.
In a disclosure to the Philippine Stock Exchange, MPIC said MPTDC can now start negotiations with both Cebu City and the Municipality of Cordova.
MPTDC is proposing to form a joint venture vehicle with the City of Cebu and the Municipality of Cordova for the design, construction, implementation, operation, and maintenance of the toll bridge.
As the original proponent of the project, MPTDC
can now start negotiations with both Cebu City and the Municipality of Cordova.
MPTDC entered into a Subscription Agreement with ESC covering the subscription by MPTDC to 87,000 shares of ESC and a Deed of Absolute Sale of Shares with EGIS covering the purchase by MPTDC from EGIS of 13,001 shares of ESC.
The acquisition will allow MPTDC and EGIS to combine their expertise in managing and expanding the business of ESC," said MPIC.
However, MPIC added that "the acquisition is not expected to significantly impact the business and financial condition of MPTDC.
In a disclosure to the Philippine Stock Exchange, MPIC said MPTDC
exercised its right of first refusal on the sale of the MNTC shares.
Eventually the DOF would give the air right to DPWH, which, in turn, would give it to MPTDC for its "unsolicited" project.
To think, the DPWH had to claw its way toward the Palace approval of the MPTDC project since it would duplicate the original project of the SLEx operator known as Citra, which already partnered with the San Miguel conglomerate for its version of the connector skyway as a continuation of the one along the SLEx.
On the other hand, questions hounded the MPTDC proposal.