GMR to divest entire stake in Philippines airport
New Delhi, September 2
GMR Group on Friday said it will divest its entire 40% stake in Cebu international airport in Philippines for an upfront payment of Rs 1,330 crore as well as payouts to be received over a period of more than four years. The airport is being operated by GMR-Megawide Cebu Airport Corporation (GMCAC) and GMR Airports International BV (GAIBV) holds a 40% stake in the venture.
A definitive agreement has been signed between GMR Airports International BV (GAIBV) and Aboitiz InfraCapital Inc (AIC) for the divestment of stake in Cebu airport. According to a regulatory filing, the stake is being divested as part of the focus on deleveraging GMR Airports Ltd and churning assets for higher returns on investment.
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