Aboitiz Equity Ventures wins concession for Laguindingan Airport
Aboitiz Equity Ventures [AEV 37.00, down 1.6%; 99% avgVol] [link] won its bid to operate the Laguindingan Airport in Misamis Oriental, securing a “Notice of Award” for a 30-year concession to upgrade, operate, and maintain the airport that could be signed by the end of this month and come into force by April of 2025. AEV’s proposed P12.75 billion project “involves extensive development” to the passenger terminal building and surrounding facilities that would increase the airport's annual capacity from 1.6 million passengers to 3.9 million in the first phase, and then to 6.1 million by the end of the second phase. AEV already manages the Mactan-Cebu International Airport after it bought Megawide [MWIDE 2.74, down 0.4%; 12% avgVol] out of that concession, and has submitted an unsolicited proposal for similar concessions for airports in Bohol, Bicol, and Iloilo.
