Megawide eyes bids for 2 major bridge projects — Saavedra
MEGAWIDE Construction Corp. is eyeing participation in the bidding for two major bridge projects to bolster its project portfolio, its chairman said on Wednesday.
The company plans to join the government bidding processes for the Bataan-Cavite Interlink bridge project and the fourth Cebu-Mactan bridge project, Megawide Chairman Edgar B. Saavedra said during the company’s virtual annual stockholders’ meeting.
“For the long term, we also expect other infrastructure projects to be bid out in addition to the Metro Manila Subway project, such as the Bataan-Cavite bridge and the fourth Cebu-Mactan bridge,” he said.
The Bataan-Cavite Interlink bridge project spans 32.15 kilometers. The bridge is expected to cut travel time from Mariveles, Bataan to Naic, Cavite to 1.5 hours from five hours. The first phase of the project is expected to require funding of $350 million.
In May, the Asian Infrastructure Investment Bank approved a $1.14-billion loan to fund the construction of the Bataan-Cavite Interlink Bridge.
On the other hand, the fourth Cebu-Mactan bridge is a P76.4-billion project that spans 3.3-kilometers that will connect Barangay Ibo in Lapu-Lapu City to Mandaue City.
Mr. Saavedra said that Megawide is also interested in the contract package (CP) 105 of the Metro Manila Subway project.
“We have submitted one bid for the Metro Manila Subway system project, specifically CP 105, which was submitted four or five months ago. We expect the bid to open in the third quarter according to the schedule. If successful, this would add another infrastructure package to the company’s portfolio in the short term,” he said.
CP 105 includes the underground stations in Kalayaan Avenue and Bonifacio Global City. Megawide previously bagged the contract for CP 104, which covers the Ortigas to Shaw Boulevard segment of the subway.
“All of these projects, depending on the schedule of the government, if they will be bidding these out within the year, the group will be participating on these bids,” Mr. Saavedra added.
Megawide aims to maintain an annual order book valued at P40 billion to P45 billion, equivalent to two to three years of revenue.
For the first quarter, Megawide recorded P183.4 million in consolidated net income, a turnaround from the P7.4-million net loss last year. Consolidated revenue increased by 19% to P5.2 billion.
Megawide stocks fell by 0.34% or one centavo, closing at P2.94 per share. — Revin Mikhael D. Ochave