SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C
CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER
- 1. Date of Report (Date of earliest event reported)
- Jan 12, 2024
- 2. SEC Identification Number
- CS200411461
- 3. BIR Tax Identification No.
- 232-715-069
- 4. Exact name of issuer as specified in its charter
- Megawide Construction Corporation
- 5. Province, country or other jurisdiction of incorporation
- Philippines
- 6. Industry Classification Code(SEC Use Only)
- 7. Address of principal office
- No. 20 N. Domingo Street, Barangay Valencia, Quezon City Postal Code 1112
- 8. Issuer's telephone number, including area code
- (02) 8655-1111
- 9. Former name or former address, if changed since last report
- N/A
- 10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
-
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding Common 2,013,409,717 Preferred 101,405,880 - 11. Indicate the item numbers reported herein
- Item 5
The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.
Megawide Construction CorporationMWIDE
PSE Disclosure Form 4-26 - Legal Proceedings References: SRC Rule 17 (SEC Form 17-C) and
Section 4.4 of the Revised Disclosure Rules
| Subject of the Disclosure |
|---|
CIAC Renders Decision in CIAC Case 02-2023 between Megawide Construction Corporation and ACI Inc |
| Background/Description of the Disclosure |
On 11 January 2024, Megawide Construction Corporation (the “Company”) received a decision dated 11 January 2024 rendered by the Construction Industry Arbitration Commission (“CIAC”) Arbitral Tribunal for CIAC Case 02-2023 under which Respondent ACI Inc. was ordered to pay the Company the total amount of ONE HUNDRED EIGHTY MILLION TWO HUNDRED FORTY FOUR THOUSAND FORTY THREE PESOS AND FIFTY CENTAVOS (PhP180,244,043.50) with six percent (6%) interest per annum from the date of this Final Award until fully paid. |
| Name of the court or agency in which the proceedings are pending | Construction Industry Arbitration Commission |
|---|---|
| Date Instituted | Jan 10, 2023 |
| Docket Number | CIAC Case 02-2023 |
| Principal Parties |
|---|
Megawide Construction Corporation and ACI Inc. |
| Nature and description of the legal proceedings |
The Company filed a complaint against ACI Inc. with the CIAC last 10 January 2023 (the "Complaint"). The Complaint was docketed as CIAC Case 02-2023. The Complaint involved the contract entered into between ACI Inc. and the Company for the design and construction of the Araneta Cyberpark Tower 2. The Company's aggregate claim against ACI Inc. under the Complaint is Three Hundred Thirty-Nine Million Six Hundred Fifty-Two Thousand Eight Hundred Sixteen Pesos and Seventy-Three Centavos (PhP339,652,816.73). |
| The effect(s) on the Issuer's business or operations, if any |
The Decision will not have a significant impact as far as the operations of the Company is concerned. |
| Other Relevant Information |
This disclosure is being amended to reflect the decision rendered by the CIAC dated 11 January 2024. |
| Name | Teodulo Antonio San Juan |
|---|---|
| Designation | Corporate Secretary |