C00167-2024 |
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding | |
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Common | 2,013,409,717 | |
Preferred | 101,405,880 |
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Subject of the Disclosure |
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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 |
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Date Instituted | Jan 10, 2023 |
Docket Number | CIAC Case 02-2023 |
Principal Parties |
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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 |
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Designation | Corporate Secretary |