LAPULAPU CITY -- Aboitiz InfraCapital, Inc. (AIC) entered into a landmark deal with Megawide Construction Corporation (Megawide) and GMR Airports International, B.V. (GAIBV) for AIC to acquire shares in GMR Megawide Cebu Airport Corporation (GMCAC), the developer and operator of the Mactan Cebu International Airport (MCIA).
Canilao went on that part of the larger Aboitiz Group’s push to transform into a Techglomerate is to infuse and leverage the group’s relationships and assets as well as explore utilizing Data Science and Artificial Intelligence thru Aboitiz Data Innovation (ADI) to tech-up the airport’s operations.
AIC is acquiring a 33 and 1/3% minus 1 share stake in GMCAC through a combination of a primary infusion and secondary purchase of shares from Megawide and GAIBV for a total consideration of PhP 9.5 billion. GMCAC shall utilize a portion of the primary infusion to acquire certain identified entities providing services at MCIA.
GMR Infrastructure Limited will continue to provide support as the Technical Services Provider to GMCAC.
The investment is a vote of confidence for the travel sector, which has been steadily improving in the past few months. Latest MCIA statistics show that it welcomed more than two million passengers during the first half of 2022, a 350 percent increase versus the 470,000 passengers in the same period of the previous year.
Megawide and GAIBV are bringing Aboitiz into GMCAC as a strong and reputable investor with deep roots in Cebu to propel MCIA to the next level and establish its status as the Philippines’ premier international airport. AIC operates Mactan Economic Zone 2 (MEZ 2) Estate in Lapu-Lapu City and West Cebu Estate (WCE) in Balamban, Cebu.
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