Megawide Takes Full Ownership of Clark International Airport Developer

The Board of Directors of Megawide Construction Corporation resolved to authorize: Edgar B. Saavedra, the Chairman of the Board and Chief Executive Officer of the Company; and Christopher A. Nadayag, Treasurer of the Company, to sign and execute a Share Purchase Agreement with GMR Global Pte. Ltd. (formerly GMR Holdings Overseas Singapore PTE Limited (GHOSPL), for the Company’s acquisition of GHOSPL’s shares in Megawide GMR Construction JV, Inc. (JV), a joint venture company of GMR Infrastructure (Singapore) Pte Limited (GISPL), the Company, and GHOSPL.

The Company has set the execution and closing date of the Share Purchase Agreement with GHOSPL for its shares in the JV on the same date (Execution Date: January 9, 2025).

​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.

​The terms and conditions of the transaction:

Number of shares to be acquired or disposed: 9,000,000
Percentage to the total outstanding shares of the company subject of the transaction: 5%
Price per share: P0.8745 (P0.87)

On the execution date, the Company paid GHOSPL P7,871,000.00 for its 9,000,000 equity shares in the JV.

​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 Construction Corporation is among the most innovative engineering and infrastructure companies in the Philippines. Publicly listed since 2011, Megawide is the private partner of the Philippine Government for major public infrastructure projects such as the PPP for School Infrastructure Project Phases 1 and 2; the multi-year developments of Mactan-Cebu International Airport and the Parañaque Integrated Terminal Exchange; and the construction of Clark International Airport. In 2012, the company established Megawide Corporate Foundation, Inc., a non-profit organization focusing on social development projects.