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Article: JV TO BUILD US$34 MLN INT'L AIRPORT IN CAGAYAN, PHILIPPINES.
- Article from:
- AsiaPulse News
- Article date:
- September 9, 2009
CopyrightCOPYRIGHT 2009 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MANILA, Sept 9 Asia Pulse - Philippines State-run Cagayan Economic Zone Authority (CEZA) and private consortium Cagayan Land Property Development Corp. (CLPDC) today signed a 50-year joint venture agreement to put up a P1.658-billion (US$34.3 million) international airport in Lallo, Cagayan this year.
Under the joint venture agreement, CEZA will invest P691 million, or 41.7 per cent of the total equity, while its private partner CLPDC will contribute the remaining P966 million, or 58.3 per cent.
A joint venture company will also be created and registered with the Securities and Exchange Commission (SEC) to manage the construction and operation of the ...