MEGAWIDE Construction Corp. has unloaded its remaining stake in Aboitiz GMR Megawide Cebu Airport Corp. (AGMCAC) — the operator of the Mactan Cebu International Airport — to Aboitiz InfraCapital Inc. (AIC) for P7.76 billion.
MEGAWIDE Construction Corp. has unloaded its remaining stake in Aboitiz GMR Megawide Cebu Airport Corp. — the operator of the Mactan Cebu International Airport — to Aboitiz InfraCapital Inc. for P7.76 billion.In a disclosure, Megawide said that it had 'opted to exchange its remaining 33 and 1/3 percent plus 1 share of outstanding capital stock' in AGMCAC.
'As an infrastructure innovator, the completion of the airport transaction facilitates our natural progression into property development and allows us to focus on our Precast and Construction Solutions unit — which serves as our unique competitive advantage against other industry players — and our other infrastructure projects, including the Parañaque Integrated Terminal Exchange,' Megawide Chairman and Chief Executive Officer Edgar Saavedra said.
Sells Mactan Airport Stake For P7.76B
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