Engineering firm Megawide Construction Corp. and Araneta Group sought arbitration over several real estate projects that were affected by the COVID-19 pandemic.
Megawide said in a disclosure to the stock exchange Araneta Center Inc. filed with the Construction Industry Arbitration Commission a counterclaim against the company amounting to P1.53 billion.
Gateway Mall 2 is a seven-story mall development, while Ibis is a 15-story project offering 300 hotel keys. Both projects were topped off in the early part of 2020. Megawide in January also filed a complaint with CIAC involving the design and construction of the Araneta Cyberpark Tower 2.The prolonged pandemic has affected several infrastructure and construction projects in the country because of mobility restrictions, supply problems and increase in cost of materials.ACI is the developer of the 35-hectare Araneta Center—a mix-use hub of retail, entertainment, residential, business and hotel developments in Quezon City.
Megawide said it would use the proceeds to partially fund the full redemption of its Series 2A preferred shares that were listed in November 2020.
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