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The companies comprising the North Luzon Airport Consortium (NLAC) signed a share purchase agreement (SPA) on their ownership interest in Luzon International Premier Airport Development Corp. (LIPAD), operator of Clark International Airport (CRK)
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Under the SPA signed on June 7, Filinvest Development will hold a 42.5% stake; JG Summit Holdings, 33%; Changi Airports Philippines (I) Pte. Ltd. 15%; and Philippine Airport Ground Support Solutions, 9.5%
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LIPAD was incorporated by the companies comprising NLAC as a special purpose vehicle for the management, operations and maintenance of CRK
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LIPAD is set to open the second passenger terminal building for commercial domestic flights in July this year
The companies comprising the North Luzon Airport Consortium (NLAC) have signed a share purchase agreement (SPA) on their ownership interest in Luzon International Premier Airport Development Corp. (LIPAD), operator of Clark International Airport (CRK).
The SPA was signed on June 7 by Filinvest Development Corp. (FDC); JG Summit Holdings, Inc. (JGSHI); Philippine Airport Ground Support Solutions, Inc. (PAGSS); and Changi Airports Philippines (I) Pte. Ltd. (CAP), according to regulatory disclosures.
Under the SPA, FDC will hold a 42.5% stake in LIPAD, while JGSHI will have 33%, CAP 15%, and PAGSS 9.5% stakes.
LIPAD was incorporated by the four NLAC member companies as a special purpose vehicle for the management, operations and maintenance of CRK.
READ: DOTr, BCDA turn over operations of Clark airport to LIPAD
In August 2019, LIPAD was formally awarded a 25-year concession to operate and maintain the CRK.
READ: New passenger terminal building handed over to Clark airport operator
In January 2021, the newly constructed second PTB was formally turned over to LIPAD. The PTB is envisioned to help spur economic progress and development in Central Luzon, and ease congestion at the country’s main gateway, Ninoy Aquino International Airport.
LIPAD currently oversees the operations and management of the existing terminal, which can accommodate up to 4.2 million passengers annually.
The new PTB, on the other hand, will be able to accommodate up to 8 million passengers annually.
The new terminal building, which will cater to domestic and international passengers, is located 1.5 kilometers from the existing passenger terminal. It has four floor levels, 18 aero bridges and a floor area of 110,000 square meters.
LIPAD chief executive officer Bi Yong Chungunco earlier said they are set to open the second PTB for commercial domestic flights in July this year.
