Century Peak Metal Holdings Corp. finalized a 1,332-hectare reclamation project with the local government of Cavite.
Century Peak said in a disclosure to the stock exchange wholly-owned unit Century Peak Corp. and the Cavite provincial government successfully concluded the detailed negotiations on the unsolicited proposal it submitted for the reclamation of 1,332 hectares of land within Cavite.
Under the joint certification issued by both parties, Century Peak will be entitled to 90 percent of the total net usable land of the reclaimed area while the government will obtain the 10 percent of the net usable area.
In addition to the government’s share, Cavite will also be entitled to other areas to be identified for the construction of a coastal highway.
The agreement provides at least 80 percent of the proposed reclamation project, which consists of five islands, should be completed within the period of six years from the time the government permits and clearances have been issued by concerned government agencies.
The Cavite provincial government, meanwhile, vowed to extend its full cooperation and assistance in helping Century Peak secure the necessary permits and clearances.
The reclamation project should also have no cost to the government.
Century Peak’s unsolicited proposal will be subject to competitive challenge.
“This an agreement between the CPC and the Province of Cavite will be executed only if the project is awarded to CPC following a competitive challenge,” Century Peak said.
The joint certification was signed by CPMPH president Wilfredo Keng and Cavite Gov. Crispin Remulla.
Century Peak is primarily engaged in mining-related activities. It has six subsidiaries, namely Century Peak Mineral Development Corp., Century Peak Cement Manufacturing Corp., Century Summit Carrier Inc., Century Hua Guang Smelting Inc. and Century Sidewide Smelting Inc.
Share price of CPMHC on Friday rose 2.4 percent to P1.74.