MEGAWIDE Construction Corp. has entered into a joint venture agreement with Cebu City for the redevelopment of the Cebu Carbon Market.

In a disclosure to the stock exchange on Monday, the listed company said the deal also covers the operation of mixed-use assets on the project site.

The term of the joint venture agreement is 50 years, extendible for another 25 years upon mutual agreement of the parties, Megawide added.

The company also said its total investment in the project throughout its term is estimated at P5.5 billion.

Cebu City will contribute the exclusive use and possession of the project site.

Megawide saw its nine-month total revenues for 2020 hit P9.03 billion, down by 34% from the previous year’s P13.69 billion.

Its contract revenues went down by 30% to P7.41 billion. Revenues from airport operations dropped by 63% to P998.17 million, while the airport merchandising business also saw its revenues go down by 72% to P69.51 million.

The nine-month revenues of the company from terminal operations increased by 167% to P551.91 million.

The company is still awaiting the government’s decision on its proposal to rehabilitate the Ninoy Aquino International Airport.

Megawide shares on Monday closed 2.16% higher at P8.50 apiece. — Arjay L. Balinbin