SMC Buys majority share at CIADC

April 13, 2010

Manila - San Miguel Corporation(SMC), through wholly-owned subsidiary San Miguel Holdings Corp. (SMHC), has entered into an agreement with Caticlan International Airport Development Corp. (CIADC) to acquire a majority interest in the company that was awarded concession agreement by Department of Transportation and Communications (DOTC) to expand, operate and maintain Caticlan airport, the gateway to the island-resort of Boracay.

CIADC consortium of George Yang, Rafael Puno, Lino Barte and RPRP Ventures Management and Development Corporation has executed a share sale purchase agreement to SMHC for a controlling share of the company.

The P2.507-billion build-operate-transfer (BOT) project was awarded to CIADC on June 22, 2009 by virtue of concession agreement which involves three construction phases covering a total of seven years.

The project includes the extension of the runway from 950 meters by 30 meters to international standards of 2,100 meters by 45 meters so that it can accommodate narrow-bodied jets by 2015.

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