Friday, 8 January 2010

CIAC okays $1.2-B Almal investment for DMIA

Joel P. Mapiles
Business Mirror

CLARK FREE PORT —Nestor Mangio, an architect and chairman of the Clark International Airport Corp. (CIAC), said yesterday the CIAC board of directors had approved the proposed $1.2-billion total investment value of Almal Investment Co.

As this developed, Mangio said that upon learning of the Almal proposal, President Arroyo expressed full support as she encouraged the CIAC directors and officers to attract more investors inside Clark and for the total development of the Diosdado Macapagal International Airport (DMIA).

Mangio said the billion-dollar investment is intended for the development of all civil components of DMIA’s first three terminals, as well as the adjacent land of 1,500 hectares following the CIAC original master plan.

The CIAC head said Almal is committed to the development of Terminal 2 at a total investment of $100 million, representing Phase 1, and expected to be finished in two years time after the signing of the joint-venture agreement.

“Terminal 2 will have a total floor area of 35,000 square meters and a 7-million-passenger capacity per year,” Mangio said.

Mangio detailed the project components, such as airport equipment for DMIA Terminal 2; airport plaza, transport plaza and covered parking area; expansion of existing apron facilities; widening, improvement and construction of access roads with interchanges; demolition of some existing buildings; development of a new identity and signature; and site and utilities development.

He said Almal shares in the government vision to develop and enhance the area and create a whole new destination and a premier gateway to the Philippines.

“Almal will form a Joint Venture Co. [JVCO] with CIAC on a 70-30 sharing. CIAC is to get 30 percent of the JVCO for contributing the leasehold rights over the land. CIAC will not contribute cash or issue a government guarantee,” Mangio said.

The duration of the JVCO/JVSC is 45 years renewable for another 25 years subject to mutual agreement of the parties involved and the limitations imposed by the laws, rules and regulations of the Philippines, the CIAC boss said.

Mangio noted that upon signing, Almal will undertake a complete review of the feasibility study and develop a final business plan for the project to define the components and phases of development for the medium-and long-term agreement.

No comments:

Post a Comment