Araneta Group owes P180M to Megawide

MEGAWIDE Construction Corp. on Friday said a ruling by the Construction Industry Arbitration Commission (CIAC) had resulted in the Araneta Group having to pay roughly P180.2 million to the listed builder following a contract dispute.

In a disclosure, Megawide said it received a January 11 decision, handed down by a CIAC arbitral tribunal, ordering ACI Inc. — formerly Araneta Center Inc. — to pay the amount with "six percent interest per annum from the date of this final award until fully paid."