SAAVEDRA-LED developer Megawide Construction Corp. is buying out the 5-percent and 45-percent stakes, respectively, of partners GMR Global Pte. Ltd. (GHOSPL) and GMR Infrastructure (Singapore) Pte. Limited (GISPL), in joint venture company Megawide GMR Construction JV, Inc.
SAAVEDRA-LED developer Megawide Construction Corp. is buying out the 5-percent and 45-percent stakes, respectively, of partners GMR Global Pte. Ltd. and GMR Infrastructure Pte. Limited , in joint venture company Megawide GMR Construction JV, Inc. Megawide GMR Construction is the developer of the Clark International Airport.In a series of disclosures on Friday, Megawide said that its board had approved the acquisition of the stakes held by GHOSPL and GISPL in Megawide GMR. Megawide paid P7.
'The transaction is in line with the company's strategy of constantly re-engineering its business and financial portfolio to support its vision of engineering a first-world Philippines, and to explore more resilient, high-growth, and scalable opportunities to anchor its long-term and sustainable growth agenda,' it added.GMR Airport, Inc., the parent firm of GHOSPL and GISPL parent GMR Airports International B.V., told the National Stock Exchange of India Ltd.
Buys Out Joint Venture Partners
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