26-Feb-2013 2:27 PM

JG Summit and Metro Pacific confirm partnership to bid for Mactan Cebu Airport terminal project

Philippines' JG Summit Holdings announced (22-Feb-2013) it signed a memorandum of agreement with Metro Pacific Investments to form an exclusive strategic partnership to bid for the PHP17.5 billion (USD340 million) Mactan Cebu International Airport passenger terminal project. Metro Pacific will hold a majority stake in the new JV company, MPS-JGIC Airport Consortium, JG Summit will own 33% and an unnamed airport operator partner will hold 10%. In addition to bidding for the rehabilitation, expansion and operation contract at Mactan Cebu Airport, the consortium will explore future airport projects in the Philippines. Metro Pacific chairman Manuel V Pangilinan said, "Integrating both our management expertise, corporate governance adherence and solid track record in developing large-scale infrastructure projects will strengthen the capabilities of the airport in responding to the needs of both passenger and airline customers. Achieving world-class status and modernisation for our fast-growing air transport sector will be better served as we join hands in the reforms that will contribute to the growth of the country’s economy." [more - original PR]

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