Megawide sells Cebu airport stake for P7.76 B

Megawide Construction Corp., the listed infrastructure and engineering company of tycoon Edgar Saavedra, has beefed up its balance sheet with the completion of the exchange of its remaining stake in Mactan Cebu International Airport (MCIA).

- By RICHMOND MERCURIO

Megawide exchanged its remaining 33.3 percent plus one share of outstanding capital stock in MCIA operator Aboitiz GMR Megawide Cebu Airport Corp. in favor of Aboitiz InfraCapital Inc. (AIC) for P7.76 billion.

According to the company, the final closing boosts its liquidity position and reduces outstanding current liabilities after extinguishing the exchangeable notes from its books.