GMR Airports Worldwide BV (GAIBV), a step-down subsidiary of
has entered into definitive agreements with Aboitiz InfraCapital Inc (AIC), for AIC to amass shares in GMR-Megawide Cebu Airport Company (GMCAC).
The settlement entails GMCAC’s issuance of major shares and the switch of secondary shares from Megawide and GIABV to Aboitiz InfraCapital amounting to Rs 1,300 crore, which is able to end result within the latter proudly owning round 33 per cent minus 1 share stake in GMCAC.
Concurrently with the above, the transaction likewise entails the issuance by megawide and GAIBV of exchangeable notes for Rs 1,100 crore every aggregating to an quantity of Rs 2,200 crore (Notes). The Notes will mature on 30th October, 2024 and shall be exchanged by AIC for the remaining round 66 per cent plus 1 share of GMCAC’s excellent capital inventory.
The transaction shall be undertaken at an enterprise worth of PhP 49.7 bn (Rs 70.5 bn) and GAIBV will obtain an upfront quantity of PhP 9.Four bn ( Rs 13.three bn) in lieu of the shares being transferred, and notes being issued.
At 10.50 am, the scrip was buying and selling 4.17 per cent greater at Rs 40 over the past day’s closing of Rs 38.40 a chunk. The inventory rose almost 30 per cent prior to now one yr, Nevertheless, it’s down over 16 per cent to this point in 2022.
Commenting on the divestment, Srinivas Bommidala, Enterprise Chairman – Worldwide Airports, GMR Group stated, Within the final eight years, we have now accomplished the growth plan and have been one in every of quickest rising airports within the area which led to regular returns. With AIC’s deep experience within the area, we’re assured that Cebu Airport will attain new heights.
“The choice to divest our stake in GMCAC can be according to GMR Airport’s technique to concentrate on deleveraging and redeploying capital in excessive progress alternatives. Additional, we have now strengthened our place within the Asia Pacific Area by partnering with AP2 in growing and working the Kualanamu Worldwide Airport at Medan, Indonesia,” Srinivas Bommidala stated.