Greenergy Holdings submits proposal for Manila tramway

MANILA, Philippines — Greenergy Holdings Inc., a listed company led by businessman Antonio Tiu, has submitted an unsolicited proposal to put up a tramway in Manila.

In a disclosure yesterday, Greenergy said the company proposed to build a tramway system as an additional mode of transport for Manila’s roughly 1.7 million population.

The proposed tramway – similar to the transportation in cities abroad – would be connected to the proposed Makati City Subway.

Tiu said the proposed Manila tram would be connected to the planned Makati City Subway Inc. which he also proposed through Philippine Infradev Holdings Inc.

Last month, Philippine Infradev, formerly IRC Properties Inc. already signed a subscription agreement with the Makati City government in relation to the $3.5 billion Makati City Subway project.

Under the agreement, the Makati City government led by Makati City Mayor Abby Binay would subscribe to 722.32 million preferred shares of Philippine Infradev – from the company’s present authorized capital stock

This is in exchange for real estate properties owned and to be contributed by the Makati City Government to the Philippine Infradev-led flagship subway project.

The Makati Subway is envisioned to complement the mass transport projects of the national government as it would be connected to the MRT stations, the proposed Metro Manila Mega Subway and the Pasig River ferry.

It would also connect key points of the city and would effectively ease traffic in the country’s financial district.

Philippine Infradev also disclosed yesterday that it signed an investment agreement  with Hui Gao Investments Development Ltd. wherein Hui Gao will acquire a 34 percent stake in the company for a total issue price of $102 million, subject to regulatory approvals.