ABOITIZ InfraCapital, Inc. (AIC) is looking at upgrades to Mactan-Cebu International Airport (MCIA) following the acquisition of Megawide Construction Corp.’s remaining equity stake, the company said Thursday.
“With full ownership of AGMCAC (Aboitiz GMR Megawide Cebu Airport Corp.), we aim to take the airport to new heights, providing an exceptional passenger experience and cementing its status as a world-class gateway,” said AIC President and Chief Executive Officer Cosette V. Canilao said in a statement.
On Wednesday, Megawide announced that it had completed the sale of its remaining equity stake in MCIA to AIC for P7.76 billion, allowing it to completely withdraw from the airport’s operations.
MCIA is considered the second largest airport in the country after Ninoy Aquino International Airport.
It serves as the main gateway to Central Visayas and serves more than 11 million passengers annually.
“MCIA is more than just an airport; it is an essential gateway to Cebu and the Philippines. Given the airport’s expansive growth, with international and domestic traffic growing by 35% and 8% respectively year over year, we will continue to improve the airport and thus Philippine aviation by setting new standards for what it means to be a to be Filipino. brand of airport management and operations,” said AIC Vice President and Head of Airports Business Rafael M. Aboitiz.
According to AIC, MCIA continued to improve the passenger experience, citing MCIA’s transition to a quiet airport and the introduction of ‘Cebu Connect’, which enables efficient and seamless passenger transfers.
The company’s acquisition of Megawide’s remaining stake in AGMCAC is part of its aim to strengthen its presence in the aviation industry, AIC said, adding that it also aligns with the company’s plan to drive the country’s economic recovery to help accelerate through infrastructure projects.
AIC will also take over the operation and maintenance of Laguindingan International Airport in Misamis Oriental in April 2025.
It also has the original status of proponent of the P4.5 billion New Bohol-Panglao International Airport, which is currently undergoing a Swiss challenge. – Ashley Erika O. Jose