MEGAWIDE Construction Corp. has exchanged its remaining 66 percent stake in Mactan International Airport for cash from Aboitiz InfraCapital Inc. (AIC) as part of a sale agreement for the airport signed in 2022.
The company said it has received P7.76 billion as part of its share on the sale that was sealed two years ago between AIC and its partner GMR Airports International BV.
Under the agreement, AIC was initially acquiring a third of GMR-Megawide Cebu Airport Corp., which develops and operates the Mactan airport for P9.47 billion.
AIC issued an exchangeable note to the two companies in exchange for the remaining stake in the airport, worth P15.5 billion, that matured on Oct.ober 30, 2024.
Megawide said completion of the sale reduced its outstanding current liabilities and boosted its liquidity position.
“From a current ratio of 1.29x at the end of December 31, 2023, the company expects its current ratio to improve further to 1.54x post-transaction, for recording at the end of December 31, 2024,” Megawide said.
Edgar Saavedra, Megawide chairman, said the transaction strengthens the company’s balance sheet and forms part of its medium-term financial management program.
“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,” added Saavedra.
