Aboitiz InfraCapital Inc. (AIC), the infrastructure arm of the Aboitiz Group, on Thursday assumed full ownership of Aboitiz GMR Megawide Cebu Airport Corp. (AGMCAC), the developer and operator of Mactan-Cebu International Airport (MCIA).
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 in 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 AIC president and chief executive Cosette Canilao.
AIC vice president and head of airports business Rafael Aboitiz said 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 8 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,” he said.
Since AIC joined the AGMCAC consortium, MCIA has continued to live up to its commitment to elevating 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.
AGMCAC’s acquisition is aligned with AIC’s strategy of strengthening its presence in the airport sector to help further revitalize the country’s tourism industry, and support AIC’s broader goal of helping accelerate the Philippines’ economic recovery and growth through transformative infrastructure projects.
