Megawide purchases Altria East Land’s stocks

MEGAWIDE Construction Corp. on Monday purchased 100 percent of Altria East Land Inc., the owner of Taytay property used for precast concrete factory, for P53 million.

In a statement, Megawide said that it signed a memorandum of agreement for the acquisition of 100 percent of the total issued and outstanding capital stock of Altria East Land Inc. for the price of P53 million and for the assignment to it of all existing shareholders advances in the books of Altria in the amount about P250,000.

Altria owns a 10-hectare land in Taytay, Rizal, which is being leased by the company for its pre-cast concrete manufacturing complex.

Michael Cosiquien and Edgar Saavedra, both executive officers of the company, together own 40 percent of Altria’s issued and outstanding capital.

Megawide is currently active in bidding for private public partnership (PPP) projects that are on the stage.

Oliver Tan, chief financial officer of Megawide, said in previous reports that they will be participating in the Modernization of Philippine Orthopedic Center (MPOC) project as well as the bidding for the Ninoy Aquino International Airport (NAIA) expressway.

“We are very active in bidding for the PPP projects that are currently on tender stage,” he said. “[MPOC] we will be participating in that project and of course the NAIA expressway, we’re interested and we’re actually in preparation for the tender [offer] for that,” he added.

Tan was referring to the expressway P15-billion project that will connect the three NAIA terminal to a casino that is about to be establish within the area.