Megawide, Indian partner selling airport project for P25 billion

September 2, 2022 - 2:47 PM
Mactan-Cebu International Airport
The Mactan-Cebu terminal has modular design that can be expanded to accommodate 8 million passengers per annum within 10 years. (IDA-HK photo)

Philippines’ Megawide Construction Corp MWIDE.PS and its Indian partner are selling their shares in an airport developer and operator, in a deal worth 25 billion pesos ($439.8 million), Megawide said in a disclosure on Friday.

Megawide and partner GMR Airports International will sell their interests in Mactan Cebu International Airport in central Philippines to the infrastructure arm of conglomerate Aboitiz Equity Ventures Inc AEV.PS, by issuing shares and exchangeable notes.

($1 = 56.84 Philippine pesos)

—Reporting by Neil Jerome Morales; Editing by Martin Petty