Philippines $3.5 Billion Subway No Longer Feasible, Builder Says
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A $3.5-billion subway project in the Philippines’ main financial hub is no longer feasible following an inter-city dispute, according to its developer on Friday.
Philippine Infradev Holdings Inc. has initiated an arbitration to settle the shelved project, it said in a statement to the Philippine Stock Exchange. Its shares fell as much as 7.9% on Friday, after the bourse halted trading for an hour following its disclosure.