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3:01 pm on 20 December 2022, Tuesday
By Romeo Braceros Jr.
Aboitiz InfraCapital aims to make Mactan-Cebu International Airport (MCIA) one of the country's top international airports after the conclusion of its agreement with GMR-Megawide for GMR-Megawide Cebu Airport Corporation (GMCAC).
The historic agreement between Megawide Construction Corporation (Megawide) and GMR Airports International, B.V. (GAIBV) was completed by Aboitiz InfraCapital, Inc. (AIC). (GAIBV), allowing AIC to purchase shares of GMCAC, the organization in charge of creating and running the renowned Mactan-Cebu International Airport (MCIA).
For a total of P9.5 billion, AIC paid Megawide and GAIBV for a 33 and 1/3% minus one share ownership in GMCAC. Megawide and GAIBV issued exchangeable notes to AIC for P15.5 billion.
The exchangeable notes are anticipated to be exchanged by AIC for the remaining 66 and 2/3% plus one share of GMCAC's existing capital stock when they expire on October 30, 2024.
GMR Infrastructure Limited will keep assisting GMCAC as the technical services provider.
“We at Aboitiz InfraCapital are excited to have completed this landmark deal with Megawide and GMR for GMCAC. We look forward to working side by side with our partners to develop the Mactan-Cebu International Airport into a world-class one. The goal is to propel MCIA to the next level and establish its status as one of the Philippines’ premier international airports,” said AIC President and CEO Cosette Canilao.
The agreement, according to AIC, will be the first step in the company's sustained involvement in the airport industry and the advancement of its commitment to building Philippine infrastructure in pace with the nation's rapid economic growth and recovery.
AlphaPrimus Advisors served as AIC's financial advisor in this deal, Gulapa Law as its legal counsel, and IATA as its air traffic advisor.