LIPAD seals shareholder’s agreement of Clark Airport ahead of its inauguration

Luzon International Premiere Airport Development Corp (LIPAD), the consortium that operates Clark International Airport in Pampanga province, has sealed a shareholder’s agreement ahead of its inauguration.

In a filing to the Philippine Stock Exchange on Tuesday, the special purpose company outlined its ownership.

Under the agreement, Gotianun-led Filinvest Development Corp. will take a 42.5-% stake while the Gokongwei family’s JG Summit Holdings will get 33% of LIPAD. Changi Airports Philippines Pte. Ltd. will get 15% while businessman Jefferson Cheng’s Philippine Airport Ground Support Solutions Inc. will get a 9.5% stake.

LIPAD won the 25-year contract to maintain and operate the Clark Airport in 2018 and assumed operations of the facility in August the following year.

The Clark International Airport expansion is among the “Build, Build, Build” projects that were started and completed during the Duterte administration.

It involved the construction of a new passenger terminal with a capacity of 8.2 million passengers annually, double the airport’s current limit.

Megawide Construction Corp. and GMR Infrastructure, operator of the Mactan Cebu International Airport, announced that the structure was completed ahead of schedule last year.

SOURCE: Inquirer