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Aboitiz InfraCapital acquires shares in Mactan Cebu International Airport operator

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ABS-CBN News

MANILA - Megawide Construction Corp and GMR Airports International BV (GAIBV) signed a deal allowing Aboitiz InfraCapital Inc to acquire shares in GMR-Megawide Cebu Airport Corp (GMCAC), the developer and operator of the Mactan Cebu International Airport (MCIA), the company said on Friday. Megawide and GAIBV &quot;agreed to sell down their existing stakes in GMAC to accommodate the entry of Aboitiz InfraCapital&quot; in a Share Subscription and Transfer Agreement, Megawide told the stock exchange.The deal involves GMCAC&#x27;s issuance of primary shares and the transfer of secondary shares from Megawide and GAIBV to Aboitiz InfraCapital amounting to P9.5 billion, it added.The transaction will result in Aboitiz InfraCapital owning 33 and 1/3 percent minus 1 share stake in GMCAC, the disclosure said.&quot;We have always been open to partnerships that will enhance our capabilities and diversify our portfolio as an infrastructure innovator. The company&#x27;s thrust of being an infrastructure innovator remains on track with this deal as we harness synergies with other major participants in the field,&quot; Megawide chairman, CEO and president Edgar Saavedra said.Megawide said the transaction is subject to regulatory approvals.<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="Officials of GMR Airports, MR Megawide Cebu Airport Corporation, Aboitiz InfraCapital, Megawide and the Aboitiz Group during the signing ceremony held on Sept. 2. Handout" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2022/business/09/02/09022022-officials-of-gmr-airports.jpg"/><figcaption>Officials of GMR Airports, MR Megawide Cebu Airport Corporation, Aboitiz InfraCapital, Megawide and the Aboitiz Group during the signing ceremony held on Sept. 2. Handout</figcaption></figure></div>The company said it aims to explore more resilient, growth and scalable opportunities to anchor its long-term and sustainable growth.Megawide has bagged large-scale infrastructure projects including the Malolos-Clark Railway project and the Metro Manila Subway project.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/01/11/21/megawide-signs-p55-b-joint-venture-with-cebu-govt-to-revamp-carbon-market">Megawide signs P5.5-B joint venture with Cebu gov&#x27;t to revamp Carbon Market</a></li>	<li><a href="https://news.abs-cbn.com/business/07/13/21/megawide-boosts-book-order-to-p66-billion">Megawide boosts book order to P66 billion</a></li>	<li><a href="https://news.abs-cbn.com/business/08/01/22/direct-flights-to-korea-return-to-mactan-cebu-airport">After 2 years, direct flights to Korea return to Mactan-Cebu Airport</a></li></ul>

The deal involves GMCAC's issuance of primary shares and the transfer of secondary shares from Megawide and GAIBV to Aboitiz InfraCapital amounting to P9.5 billion, it added.