Crown Asia to supply pipes for Skyway 3

MANILA, Philippines - PVC maker Crown Asia Chemicals Corp. has bagged the contract to supply the pipes for the Skyway 3 project.

In a disclosure to the Philippine Stock Exchange, Crown Asia said it has been tapped to supply its product lines of pipes for the big-ticket road project.

The Metro Manila Skyway Stage 3 is a 14.8-kilometer elevated expressway linking Buendia Ave. in the south to Balintawak in the north, passing through Nagtahan, Aurora Blvd. and Quezon Avenue.

It will consist of 14 strategically located toll plazas.

Citra Tollways Corp. will build and operate the expressway project, which is under the government’s public-private partnership program and is seen to improve efficiency in the delivery of public services aside from generating savings and additional revenues to the government.

Furthermore, the six-lane road project is expected to provide relief to motorists traveling between the north and south points of Metro Manila.

Crown will supply pipes for the project. The pipes would prevent flooding along the expressway and ensure its operability at all times.

Derrick Villanueva, general manager for the PVC Pipes Division, said Crown will continue to be a reliable partner in infrastructure projects “to help build economic progress in the country.”

Crown, owned by the Villanueva family, listed in the PSE on April 27, 2015.

The company registered net earnings of P114.5 million and sales revenues of P1.1 billion in 2016.

Against this backdrop, the company declared cash dividend of P0.09 per share, to be paid in two tranches.

The first tranche of P 0.04 per share had a record date of April 12, 2017 and payment date of May 10, 2017 while the second tranche of P0.05 per share has a record date of June 26, 2017 and payment date of July 11, 2017.