GMR Airports Limited, a leading player in airport infrastructure, has announced that its subsidiary, GMR Airports International B.V. (GAIBV), has agreed to sell its 50% stake in Megawide GMR Construction JV, Inc. (MGCJV Inc.) to Megawide Construction Corporation (MCC). The transaction is valued at PHP 80 million (USD 1.365 million).
MGCJV Inc. was involved in the execution of engineering, procurement, and construction (EPC) works at Clark Airport. However, following the completion of these works in 2020, MGCJV Inc. has not been engaged in any further operations. MCC, a Philippine conglomerate with expertise in EPC, airport infrastructure, and transport-oriented development, already owns the remaining 50% stake in MGCJV Inc.
The company has clarified that this transaction will not be classified as a related party transaction, and neither the company nor its promoter group has any interest in the deal.
This divestment is part of GMR Airports Limited’s strategy to streamline its operations and focus on core business areas.
This move marks a significant step in GMR Airports’ ongoing efforts to optimize its business portfolio and improve operational efficiencies.
