ABOITIZ InfraCapital Inc. (AIC), the infrastructure arm of the Aboitiz Group, has officially assumed full ownership of Aboitiz GMR Megawide Cebu Airport Corp. (AGMCAC), the developer and operator of the Mactan-Cebu International Airport (MCIA).
In a statement sent, AIC completed the exchange of the previously issued P15.5 billion notes from AGMCAC’s Megawide Construction Corp. and GMR Airports International B.V. for the remaining 66 and 2/3 percent plus one share of AGMCAC’s outstanding capital stock.
AIC acquired a 33 and 1/3 percent minus one share stake in AGMCAC for P9.5 billion in a landmark deal last December 2022.
“Completing the acquisition of AGMCAC is a significant step forward in our vision to enhance the Philippines’ airport infrastructure. With full ownership of AGMCAC, we are committed to taking the airport to new heights, delivering exceptional passenger experience and cementing its status as a world-class gateway,” said Cosette Canilao, AIC president and chief executive officer.
“MCIA is more than just an airport. It’s a vital gateway to Cebu and the Philippines. Given the airport’s expansive growth, with international and domestic traffic growing by 35 percent and eight percent respectively, year on year, we will continue to elevate the airport and, thus, Filipino aviation by setting new standards for what it means to be a Filipino brand of airport management and operations,” said Rafael Aboitiz, AIC vice president and head of Airports Business.
In a separate statement, Megawide chairman and chief executive officer Edgar Saavedra said the sale allows Megawide to pivot towards property development while focusing on its core units, including precast and construction solutions and projects like the Parañaque Integrated Terminal Exchange.
Since AIC joined the AGMCAC consortium, MCIA has continued to live up to its commitment to elevate passenger experience. This includes the introduction of a more serene terminal atmosphere via the Silent Airport initiative and seamless and efficient airport transfers via Cebu Connect.
Under Cebu Connect, transfer times will be reduced significantly —from 90 minutes to 60 minutes for international connections and from 60 minutes to 35 minutes for domestic connections—making travel more seamless and enjoyable for MCIA travelers.
MCIA has also been recognized and accredited by international award-giving bodies such as the Airports Council International for its pioneering sustainability projects like the installation of bridge-mounted equipment, which makes use of aircraft on-the-ground power solutions such as fixed-power units and pre-conditioned air services to reduce carbon emissions and offset fuel costs upon passenger boarding and arrival.
Laguindingan International Airport
AGMCAC’s full acquisition also comes after AIC recently signed the concession agreement to upgrade, operate and maintain Laguindingan International Airport in Misamis Oriental, the country’s sixth-busiest gateway.
Under the P12.75 billion concession agreement signed in Malacañan Palace on Oct. 28, 2024, AIC will undertake the development and modernization of Laguindingan International Airport over 30 years after the official turnover in April 2025.
This includes renovating and expanding the passenger terminal, installing modern equipment, and enhancing airside and landside facilities. These improvements aim to significantly enhance passenger experience, boost operational efficiency, and elevate safety and security standards at the airport.
The expansion plans will be undertaken in two phases, increasing Laguindingan International Airport’s design capacity from the current 1.6 (million passengers per annum) mppa to 3.9 mppa for the first phase and up to 6.3 mppa for the second phase, depending on traffic demand. / KOC