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Stock Commentary: MacroAsia confirms invitation to join new Sangley Airport consortium

Merkado Barkada

January 13, 2022 | 8: 34am

The affirmation comes after MacroAsia [MAC 5.25 0.57%], Lucio Tan’s airport/infrastructure firm, used to be reported to had been invited to tag up for the “SPIA Pattern Consortium” (between the Virata and Yuchengco families) as a non-fairness accomplice.

MAC acknowledged that it used to be asked to fabricate “management and technical companies and products for the aviation toughen and logistics plan of the venture”, nevertheless used to be unable to fabricate from now on knowledge than what used to be already reported on within the news article.

This recent SPIA Pattern Consortium has “received” “real proponent feature” from the Authorities of Cavite for the massive $10.9 billion airport style venture, replacing the used consortium between MAC and the blacklisted/sketchy China Communications Construction Co. (CCCC).

The MAC/CCCC consortium used to be also awarded “real proponent feature” after a remarkably irregular bidding process, and at final lost that feature after an unheard of extra remarkably irregular put up-award interval the place the Sangley Point Global Airport venture used to be inaugurated, nevertheless MAC and CCCC were unable to resolve “varied deficiencies” of their put up-award requirements (largely around funding) and were stripped of this feature in January of 2020.


 It’s practically look after “sketchy and uncommon” is constructed into the very DNA of this venture.

I could likely battle thru the general steps that maintain introduced us to this level, starting with Cavite’s elimination of the venture from the national government’s infrastructure style bidding process due to the “area” of “government procedures for building”, inspiring on to Governor Remulla’s premature “day commute” of a lot of high-profile companies as doable bidders (causing all nevertheless a form of companies to post identical-day disclosures to disclaim ardour/participation), and now with this soundless pivot to a bidding neighborhood that used to be no longer segment of the actual process that honest form stapled MAC into the again of the account for.

My spidey-senses had been tingling about this one from the very starting; it’s been an intrigue-producing machine (when lively), and the machine appears to be like to had been modified into on again.

For MAC shareholders, “non-fairness” typically formula that this can compose contractual companies and products for the SPIA Pattern Consortium, and no longer be uncovered to any of the ultra-juicy upside of the earnings coming from the concession itself. Reasonably the plunge, nevertheless higher than nothing? 

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