Megawide-wide changes focus on ground transportation and affordable housing
MANILA — Megawide Construction Corp is focusing on essential, pandemic-resilient projects as it plans to sell shares in its Mactan airport project, an official said Monday.
On Friday, Megawide announced that Aboitiz InfraCapital Inc will acquire shares of GMR-Megawide Cebu Airport Corp (GMCAC), the developer and operator of Mactan Cebu International Airport (MCIA) from Megawide and its Indian partner GMR Airports International. BV (GAIBV).
Megawide will focus on ground transportation as well as affordable housing, among other things, chief executive Edgar Saavedra told ANC.
“There are 2 main reasons, it is the strategic orientation of the company and the fair valuation that is on the table. Since late last year, we were approached by Aboitiz and we made this unsolicited offer,” Saavedra said.
“The transaction is consistent with Megawide’s strategy of constantly revamping its business and financial portfolio to support its engineering vision of the first-world Philippines, and to explore more resilient, high-growth and scalable opportunities to anchor its portfolio to long term and a sustainable growth agenda,” the company told the stock exchange on Monday.
Affordable housing, he said, is “an essential and pandemic-resilient business.”
Despite this change, Saavedra said the company remains open to opportunities in the airport sector such as the rehabilitation of Ninoy Aquino International Airport.
In terms of ground transportation, he said there are projects at different stages.
Megawide also built the Parañaque Integrated Terminal Exchange (PITX).