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Aboitiz InfraCapital officially assumed full ownership of the developer and operator of Mactan-Cebu International Airport, Aboitiz GMR Megawide Cebu Airport Corp.
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AIC said its acquisition of AGMCAC is aligned with its strategy of strengthening its presence in the airport sector to help further revitalize the country’s tourism industry
Aboitiz InfraCapital, Inc. (AIC) officially assumed full ownership of the developer and operator of Mactan-Cebu International Airport (MCIA), Aboitiz GMR Megawide Cebu Airport Corp. (AGMCAC), on October 30.
“Completing the acquisition of AGMCAC is a significant step forward in our vision to enhance the Philippines’ airport infrastructure,” AIC president and chief executive officer Cosette Canilao said in a statement.
“With full ownership of AGMCAC, we are committed to taking the airport to new heights, delivering exceptional passenger experience, and cementing its status as a world-class gateway,” Canilao added.
AIC completed the exchange of the previously issued P15.5-billion notes from AGMCAC’s Megawide Construction Corp. and GMR Airports International B.V. for the remaining 66 and 2/3% plus one share of AGMCAC’s outstanding capital stock.
Last December 2022, AIC acquired a 33 and 1/3% minus one share stake in AGMCAC for P9.5 billion in a landmark deal.
Megawide and GMR, joint partners for the 25-year concession agreement to develop, operate, and maintain MCIA, agreed to sell down their existing stakes in GMCAC to accommodate the entry of AIC.
AIC vice president and head of airports business Rafael Aboitiz, for his part, said: “Given the airport’s expansive growth, with international and domestic traffic growing by 35% and 8%, respectively, year on year, we will continue to elevate the airport and, thus, Filipino aviation by setting new standards for what it means to be a Filipino brand of airport management and operations.”
AIC said its acquisition of AGMCAC is aligned with its strategy of strengthening its presence in the airport sector to help further revitalize the country’s tourism industry, and support its broader goal of helping accelerate the Philippines’ economic recovery and growth through transformative infrastructure projects.
This also comes after AIC recently signed the concession agreement to upgrade, operate, and maintain Laguindingan International Airport in Misamis Oriental, the country’s sixth-busiest gateway, with turnover in April 2025.
READ: Aboitiz wins P12.75-B Laguindingan airport contract
Since it joined the AGMCAC consortium in September 2022, AIC said MCIA has continued to live up to its commitment to elevate passenger experience. This includes the introduction of a more serene terminal atmosphere via the Silent Airport initiative and seamless and efficient airport transfers via the “Cebu Connect” program.
Under Cebu Connect, transfer times will be reduced significantly – from 90 minutes to 60 minutes for international connections and from 60 minutes to 35 minutes for domestic connections.
MCIA has also been recognized and accredited by international award-giving bodies such as the Airports Council International for its pioneering sustainability projects like the installation of bridge-mounted equipment, which makes use of aircraft on-the-ground power solutions such as fixed-power units and pre-conditioned air services to reduce carbon emissions and offset fuel costs upon passenger boarding and arrival.
