05/06/2022 | Press release | Distributed by Public on 05/06/2022 03:01
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding |
Common Shares of Stock | 29,554,782,752 |
The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.
Subject of the Disclosure |
Filing of Request for Arbitration by Light Rail Manila Corporation |
Background/Description of the Disclosure |
On May 6, 2022, Light Rail Manila Corporation (LRMC) filed a Request for Arbitration (Request) with the International Chamber of Commerce in respect of its disputes with the Republic of the Philippines, acting by and through the Department of Transportation (DOTr) and the Light Rail Transit Authority (LRTA) (the Grantors), consistent with the dispute resolution procedures under the existing Concession Agreement relating to LRT Line 1 (CA). The Request pertains to the adjustment of the approved fare for the years 2016, 2018 and 2020 and LRMC's claims for compensation relating to the Grantors' contractual obligations to compensate LRMC for: (1) the difference between the stipulated fare and the approved fare based on the schedule provided in the CA, following the Grantors' inaction on LRMC's application for fare adjustments based on the CA, and (2) the losses, costs and expenses incurred by LRMC for the Grantors' failure to deliver to LRMC the required number of light rail vehicles that meet the stipulated technical requirements under the CA and the structural defects on the existing LRT 1 system, both of which are required to ensure that LRMC is able to provide a safe, efficient and reliable service to the public as required under the CA. |
Name of the court or agency in which the proceedings are pending | International Chamber of Commerce |
Date Instituted | May 6, 2022 |
Docket Number | TBD |
Principal Parties |
Light Rail Manila Corporation and the Republic of the Philippines acting by and through the Department of Transportation and Light Rail Transit Authority |
Nature and description of the legal proceedings |
Arbitration |
The effect(s) on the Issuer's business or operations, if any |
Please see discussion under Background/ Description of the Disclosure. Moreover, LRMC's claim against the Grantors has no direct material effect on the business of MPIC. |
Other Relevant Information |
Please see attached SEC Form 17C. |
Name | Melody del Rosario |
Designation | Vice President |