MEGAWIDE Building Corp. has entered into a joint venture arrangement with Cebu City to restructure the Cebu Carbon Sector.

In its announcement to the stock exchange on Monday, the listed business claimed that the arrangement also includes the operation of mixed-use facilities on the site of the plant.

The duration of the joint venture arrangement is 50 years, which can be expanded for another 25 years through mutual agreement between the partners, Megawide said.

The business also reported that its overall expenditure in the project is projected at P5.5 billion for the entire life of the project.

Cebu City would agree to the exclusive usage and ownership of the building location.

Megawide saw its nine-month overall sales for 2020 reach P9.03 billion, down 34 per cent from the previous year’s P13.69 billion.

Its contract sales declined by 30% to P7.41 billion. Airport revenues declined by 63 percent to P998.17 million, although airport merchandising also saw its revenues dropping by 72 percent to P69.51 million.

The company’s nine-month sales from terminal activities rose by 167% to P551.91 million.

The corporation is now pending a government announcement on its plan to rehabilitate Ninoy Aquino International Airport.

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