GMR-Megawide Consortium makes $320 million payment to MCIAA

22 Apr 2014 Evaluate

GMR-Megawide, a consortium between GMR Infrastructure and Megawide Construction Corporation has paid an amount of Philippine Pesos 14.4 billion (approximately $ 320 million) to the Mactan Cebu International Airport Authority (MCIAA) in the Philippines as upfront premium for award of the concession of the Mactan Cebu International Airport. With this, the GMR-Megawide consortium has fulfilled its first major obligation well within the stipulated time thus demonstrating its commitment towards the project.

Following the receipt of payment, the Department of Transportation and Communications (DOTC), Republic of Philippines and Mactan Cebu International Airport Authority (MCIAA) has signed the Concession Agreement with GMR Megawide Consortium. This marks the beginning of a transition phase before the operations of Mactan Cebu International Airport are formally handed over to GMR-Megawide later in the year.

In the international bidding process which culminated in December 2013, the GMR-Megawide Consortium had emerged as the highest bidder for the MCIA project after submitting a bid of P 14.4 billion. DOTC had formally issued the Letter of Award to the consortium on April 4, 2014.

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