Megawide acquires full control of Clark airport developer

MANILA, Philippines — 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.

As was authorized by Megawide directors, the transaction will be done through a share purchase agreement. Payments will be made once requirements for the deal are completed.

Megawide said the transaction has to comply with closing conditions and parties have to submit requirements to be asked by regulatory agencies and tax authorities.

In fully owning Megawide GMR, Megawide aims to maximize the construction and engineering portfolio of the subsidiary that built one of the busiest airports in the Philippines.

“The transaction will allow the company to wholly-own its existing subsidiary, Megawide GMR, 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.

All in all, the company owned by engineer and tycoon Edgar Saavedra pursued the acquisition to support its future expansion. Megawide is keen on delivering projects that bring scalable growth for the Philippines, such as the Clark International Airport.

The airport, operated by the Luzon International Premiere Airport Development Corp., facilitates travel for millions of passengers annually. In 2024, the gateway handled 2.4 million travelers, up by 20 percent from two million in 2023.

Megawide is known for building big-ticket infrastructure that promotes trade and travel, such as the Parañaque Integrated Terminal Exchange and the Mactan-Cebu International Airport, which is now operated by the Aboitiz Group.

Recently, the company has won the P1.87-billion contract to build Cavite’s first bus rapid transit that would improve travel around the province.