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Sunday, February 9, 2025

Megawide takes full control of Clark airport developer

Megawide Construction Corp. said Friday it took full control of Megawide GMR Construction JV, the developer of Clark International Airport Project.

Megawide said in a disclosure to the stock exchange Friday it signed a share purchase agreement to acquire 81 million shares in the company from GMR Infrastructure Singapore Pte. Limited. for P70.84 million.

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Megawide GRM will become a wholly-owned subsidiary of the company.

“The transaction is in line with the company’s strategy of constantly re-engineering its business and financial portfolio to support its vision of engineering a First-World Philippines, and to explore more resilient, high-growth, and scalable opportunities to anchor its long-term and sustainable growth agenda,” Megawide said.

Megawide GMR is a joint venture company between GMR Infrastructure (Singapore) Pte Limited, Megawide and GMR Global Pte. Ltd. (formerly GMR Holdings Overseas Singapore PTE Limited.

“The transaction will allow the company to wholly own its existing subsidiary, Megawide GMR Construction JV Inc., the developer of the Clark International Airport Project, where it can leverage its engineering and construction expertise; and at the same time strengthen its balance sheet,” Megawide said.

Megawide secured the contract to construct and develop the P1.87-billion Cavite Bus Rapid Transit (BRT) project in December. The project involves the development, operation and maintenance of a BRT and P2P route with an alignment of about 42 kilometers.

The BRT system will span about 42 kilometers connecting the cities of Imus, General Trias, Tanza, Kawit, Trece Martires and other key areas, with a vital link to Metro Manila via the Paranaque Integrated Terminal Exchange (PITx).

Megawide is an active proponent in the government’s infrastructure program.

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