Megawide, GMR Airports Completes Mactan-Cebu Airport Transaction

Megawide Construction Corporation, GMR Airports International BV, and Aboitiz InfraCapital, Inc., (AIC) have closed the transaction in relation to the Share Subscription and Transfer Agreement, executed last September for the acquisition of shares in GMR Megawide Cebu Airport Corporation, the developer and operator of the Mactan-Cebu International Airport.

Photo Insert: The world-class Mactan-Cebu International Airport has already been featured in numerous local and international publications for its breathtaking architecture.

For a total amount of Php 9,473,600,000.00, AIC shall own 33 and 1/3% minus 1 share of the outstanding capital stock of GMCAC; MWIDE will retain 33 and 1/3% plus 1 share, while GAIBV will retain 33 and 1/3%.

The transaction also involves the issuance by MWIDE and GAIBV of Exchangeable Notes in favor of AIC in the total amount of Php 15,526,400,000.00.

The Exchangeable Notes will mature on 30 October 2024 and will be exchanged by AIC for the rest of the 66 and 2/3% plus 1 share of GMCAC’s outstanding capital stock.

The transaction is in line with MWIDE’s strategy of constantly reengineering its business and financial portfolio to support its vision of engineering a First-World Philippines, and to explore more resilient, high-growth, and scalable opportunities to anchor its long-term and sustainable growth agenda.

It will also allow MWIDE to strengthen its balance sheet and eye other business opportunities aligned with its expertise in engineering and construction expertise.

Earlier, it partnered with PH1World which seeks to disrupt the property industry with the introduction of lofts that were not included in the pricing of its condo units.

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