CYBER Bay Corp. has asked the Court of Appeal’s (CA) reconsideration on its obtaining ownership of P1.027-billion worth of land in the Manila-Cavite Coastal Road and Reclamation Project. In a disclosure on Tuesday, the listed property developer said it and its fully owned Central Bay Reclamation and Development Corp. filed a motion for reconsideration before the appellate court on July 25 after the latter invalidated a May 23 compromise agreement allowing them to own parcels of land in the said project. The deal refers to the October 2016 deal signed by Central Bay and the Philippine Reclamation Authority (PRA), in which the latter would “cede to Central Bay parcels of land with a value equal to the validated claim of P1.027 billion” and in exchange Central Bay would “waive all other claims subject of the pending petition with the CA and any other claims arising from or in connection with the amended joint venture agreement.” Cyber Bay shares climbed by 2 centavos or 6.17 percent to finish at 43 centavos apiece on Tuesday.
