Megawide, GMR to divest stake in Cebu airport

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FILIPINO infrastructure firm Megawide Construction Corporation and New Delhi-based GMR Airports International BV (GAIBV) are divesting their stakes in GMR-Megawide Cebu Airport Corp. (GMCAC), the operator of Mactan-Cebu International Airport (MCIA).

This developed after Megawide and GMR executed a share subscription and transfer agreement with Aboitiz InfraCapital Inc. (AIC), for AIC to acquire shares in GMCAC worth P9.5 billion.

With the transaction, the Aboitiz family will now own a 33.3 percent stake in GMCAC.

The transaction likewise involves the issuance by Megawide and GAIBV of exchangeable notes for the aggregate amount of P15.5 billion. The notes will mature on October 30, 2024, and will be exchanged by AIC for the remaining 66.7 percent share of GMCAC’s outstanding capital stock. (CSL)