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China firm CRCC’s tapped to build USD 3.7 billion Makati subway system

Infra News - Published on Mon, 11 Feb 2019

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Motion Cars reported that Philippine Infradev Holdings Inc has tapped a unit of state-owned China Railway Construction Corp, one of the world’s largest construction and engineering companies, to build its USD 3.7-billion Makati subway system project. In a disclosure to the Philippine Stock Exchange, Infradev said CRCC’s wholly owned China Civil Engineering Construction Corp had proposed to invest USD 300 million to USD 350 million in the local company or its subsidiary and undertake the engineering, procurement and construction works for the Makati subway project.

Phil.Infradev, formerly known as IRC Properties, has executed a binding memorandum of agreement with CCECC.

Led by businessman Antonio Tiu, Phil.Infradev aims to construct an intracity subway spanning 11 kilometers with eight to 10 stations that will connect key points in Makati’s two districts at no cost to the city government.

Under the MoA, CCECC has to provide completion performance guarantee for the Makati subway project, subject to the completion of a financial, legal and technical due diligence.

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Posted By : Rabi Wangkhem on Mon, 11 Feb 2019
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