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Megawide Acquires Full Control of Clark Airport Developer
The Philippine Star
|January 11, 2025
Infrastructure builder Megawide Construction Corp. is spending P79 million to fully own a joint venture that designed and developed the Clark International Airport.
In a disclosure to the Philippine Stock Exchange, Megawide said it is acquiring the other 50 percent in Megawide GMR Construction JV Inc. to become the full owner of the subsidiary.
Currently, Megawide GMR is a joint venture among Megawide, GMR Infrastructure (Singapore) Pte. Ltd. (GISPL) and GMR Global Pte. Ltd. It was formed to build the Clark International Airport.
Broken down, Megawide is spending P70.84 million to take over the 45 percent stake of GISPL in Megawide GMR. Likewise, the developer is shelling out P7.87 million to buy the five percent interest of GMR Global in the subsidiary.
This story is from the January 11, 2025 edition of The Philippine Star.
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