September 10, 2012, Manila Standard Today
Ayala Corp. and Aboitiz Equity Ventures Inc., two of the countryâs largest conglomerates, have formed a joint venture company to bid for the P10-billion Mactan-Cebu International Airport passenger terminal project.
Ayala Corp. said in a disclosure to the stock exchange it had signed a memorandum of agreement with Aboitiz to form a 50-50 joint venture company that would serve as their vehicle to bid for and develop the countryâs second-largest international gateway.
The Mactan-Cebu International Airport project is one of the infrastructure projects offered under the governmentâs public-private partnership program.
Both companies will enter into a definitive agreement once the bid rules or the terms of reference for the project have been finalized and published by the government. They will also explore partnerships with experienced global airport operators to complete its consortium.
The Mactan airport is currently operating above its capacity, with passenger volumes exceeding 5 million annually and is projected to grow even faster with the expected increase in tourist arrivals.
The redevelopment of the airport will require the construction of a new international passenger terminal.
âWe are excited about this partnership with the Aboitiz Group. Both groups strongly believe in the potential of the Mactan airport to be a compelling gateway to the country for international passengers and to the Visayas for the growing domestic travelers,â Ayala Corp. president and chief operating officer Fernando Zobel de Ayala said.
âWe cannot think of a better partner for this project than the Aboitiz group who has not only built a long history and heritage in Cebu but also has a successful track record in undertaking significant size projects in multiple industries,â Ayala added.
AEV, a Cebu-based conglomerate that is largely into power generation, logistics, banking, food production and real estate, said it was excited about the partnership with the Ayala group as this would provide the company the opportunity to enter into a new venture and support the governmentâs thrust to develop the nationâs infrastructure gaps.
âCombined with the Ayala groupâs strengths and competencies that have also been honed over more than 100 years of doing business, we are very optimistic about the success potential of this project. Moreover, the fact that the project is in Cebu, which is home to the Aboitiz Group, gives it more special meaning to us,â Aboitiz said.