NEW DELHI: The GMR Group will divest its complete 40% stake in Philippines’ Mactan Cebu world airport for an prematurely cost of Rs 1,330 crore and earnouts that will probably be gained for over 4 years right through which it’s going to proceed offering technical services and products. Currently, GMR-Megawide Cebu Airport Corporation (GMAC) operates this airport and GMR Airports International (GAIBV) holds a 40% stake within the JV.
A subsidiary of GMR Infra, GAIBV has entered into definitive agreements with Aboitiz InfraCapital (AIC) to promote its stake in GMAC, which is a JV between GAIBV and Megawide Construction (MCC). GAIBV and MCC have agreed to promote their present stakes in GMAC to deal with the access of AIC. The transaction is matter to normal regulatory approvals in Philippines.
Srinivas Bommidala, trade chairman – int’l airports, GMR Group, mentioned, “The decision to divest our stake in GMAC is also in line with GMR Airport’s strategy to focus on deleveraging and redeploying capital in high growth opportunities. Further, we have strengthened our position in the Asia-Pacific region by partnering with (Indonesia’s) A.”
A subsidiary of GMR Infra, GAIBV has entered into definitive agreements with Aboitiz InfraCapital (AIC) to promote its stake in GMAC, which is a JV between GAIBV and Megawide Construction (MCC). GAIBV and MCC have agreed to promote their present stakes in GMAC to deal with the access of AIC. The transaction is matter to normal regulatory approvals in Philippines.
Srinivas Bommidala, trade chairman – int’l airports, GMR Group, mentioned, “The decision to divest our stake in GMAC is also in line with GMR Airport’s strategy to focus on deleveraging and redeploying capital in high growth opportunities. Further, we have strengthened our position in the Asia-Pacific region by partnering with (Indonesia’s) A.”
