Megawide Acquires Full Ownership of Clark International Airport Joint Venture

Engineering giant Megawide Construction Corp., led by Edgar Saavedra, is set to fully acquire Megawide GMR Construction JV Inc., the developer of Clark International Airport, by buying out the stakes of its Indian partner, GMR Group.

Share Purchase Agreements

In separate disclosures to the Philippine Stock Exchange on Friday, Megawide announced share purchase agreements with GMR Infrastructure (Singapore) Pte Ltd and GMR Global Pte Ltd to acquire their respective 45% and 5% stakes in the joint venture.

• GMR Infrastructure’s 45% stake (81,000,003 equity shares) was acquired for ₱70.839 million.
• GMR Global’s 5% stake (9,000,000 equity shares) was purchased for ₱7.871 million.

As a result, Megawide GMR Construction JV Inc. will become a wholly-owned subsidiary of Megawide.

Strategic Reengineering

Megawide stated that the acquisition aligns with its strategy to “re-engineer its business and financial portfolio” in pursuit of a “First-World Philippines” vision. The company aims to explore resilient, high-growth, and scalable opportunities to support its long-term growth and sustainability goals.

Background on Megawide GMR

Megawide GMR is the partnership responsible for the development of Clark International Airport, a key infrastructure project aimed at improving connectivity and enhancing regional growth.

This move follows Megawide’s previous ventures, including its exit from the Mactan-Cebu International Airport joint venture with Aboitiz for ₱7.76 billion and its ongoing infrastructure projects like the Boracay Airport passenger terminal building and the Cavite BRT system.

Future Outlook

By taking full control of Megawide GMR, the company strengthens its position as a leader in the engineering and infrastructure sector, paving the way for greater flexibility in future projects and investments.