Greenergy Holdings Inc., a listed company owned by businessman Antonio Tiu, submitted an unsolicited proposal to build a modern tramway system in Manila.
Greenergy said in a disclosure to the stock exchange it submitted the proposed financing, implementation and operation of a modern tramway system to the local government of Manila.
No other details were given the company including project cost.
Greenergy president and chief executive Antonio Tiu said in a text message the company was still doing the final feasibility to determine the total cost of the project.
The planned tramway aims to connect Roxas Boulevard to Makati Subway, a project of Philippine Infraved Holdings Inc. which is also controlled by Tiu. It will run from Port Area to Vito Cruz.
The Makati Subway project is an 11-kilometer intra-city mass transport system with up to 10 stations that will connect key points in Makati’s two districts with no cash out from the city government.
Once completed, the $3.7-billion Makati subway project is expected to accommodate up to 700,000 passengers per day aboard six car trains.
Share price of Greenergy fell 1.94 percent Thursday to P2.02.