For Mactan Cebu International Airport project
GMR Infrastructure announced that the GMR-Megawide Consortium paid an amount of Philippine Pesos 14.4 billion (approximately US$ 320 million) to the Mactan Cebu International Airport Authority in the Philippines as upfront premium for award of the concession of the Mactan Cebu International Airport.Following the receipt of payment, the Department of Transportation and Communications (DOTC), Republic of Philippines and Mactan Cebu International Airport Authority (MCIAA) today 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.
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