The ongoing coronavirus pandemic has taken its toll on MacroAsia Corporation.
The Lucio Tan-owned company and its collaborator, China Communications Construction Company Limited (CCCC), could not attend to their essential commitments.
These undertakings are concerning the completion of the Sangley Point International Airport (SPIA) initiative.
Philippine daily newspaper The Philippine Star reported that Tan’s company is struggling because its partners in China got stranded.
These CCCC officials reportedly could not fly to the Philippines due to the pandemic. This present scenario is giving MacroAsia Corporation’s SPIA developers a headache.
Therefore, the company and CCCC could not complete the post-qualification requirements that they need to fulfill.
On February 15, the government of the province of Cavite gave the notice of the SPIA award to MacroAsia Corporation.
Jesse Grepo works for the public-private partnership (PPP) selection committee of the Cavite government. He said that they gave Tan’s company and CCCC a deadline.
The legal officer remarked that, upon receipt, the consortium should respond to the requirements within 60 days.
Grepo cited that they are now awaiting how the coronavirus impacts the compliance of the two companies. He added that the PPP would evaluate the situation.
Furthermore, if ever the consortium members would request for the deadline’s extension, Grepo cited that his group would assess MacroAsia Corporation and CCCC’s reasons.
Jonvic Remulla earlier pointed out that they could not ink the mutual venture contract.
As Cavite governor, he said that his office needs to obtain a complete financial guarantee first from the CCCC and MacroAsia Corporation.
When the consortium completes all the post-qualification requirements, then they would sign the joint venture agreement.
They would perform this step together with the officials from the provincial government of Cavite.
Moreover, last month, Joseph Chua said that MacroAsia Corporation does not intend to disturb CCCC.
The Tan-led firm’s chief operating officer and head said that they understand that their Chinese consortium co-member is struggling because of the coronavirus pandemic.
Inside airports, MacroAsia Corporation possesses expertise in the development and operations of these facilities’ main operating functions.
The company is a component of the conglomerate of Chinese-Filipino tycoon Lucio Tan. Furthermore, it is an affiliated firm of Philippine Airlines, the country’s official airline company.
Meanwhile, CCCC is an organization that the Chinese government owns. It specializes in the building and design of transportation infrastructure.
Moreover, the CCCC engages in the investment in such ventures. It possesses expertise in both airport and reclamation projects.
On Monday, March 2, 2020, MacroAsia Corporation (PSE: MAC) closed at P8.30 per share.
Furthermore, the Philippine Stock Exchange recorded the 52-week high of the company at P23.00. Meanwhile, its 52-week low is at P7.96.
- Key Prices for PH Bluechip Stocks 30% Above 52-Week Low - June 4, 2024
- May 2024 Market Sentiment Rating of 30 PH Bluechip Stocks - June 3, 2024
- EquiTalks: ICT, BPI, AEV Updates – 5.29.2024 - May 29, 2024
