Megawide Construction Corp. has acquired full ownership of Megawide GMR Construction JV Inc., the joint venture managing the Clark International Airport project.

In a disclosure to the stock exchange on Friday, Megawide said its board authorized Chairman and CEO Edgar B. Saavedra and Treasurer Christopher A. Nadayag to finalize a share purchase agreement with GMR Global Pte. Ltd. (GHOSPL).

Under the agreement, Megawide purchased GHOSPL’s 9 million shares in the joint venture for P7.87 million. 

Combined with a separate acquisition of shares from GMR Infrastructure (Singapore) Pte. Ltd. (GISPL), the joint venture is now a wholly owned subsidiary of Megawide.

Improved financial performance

By taking control, Megawide aims to strengthen its financial position, enhance operational control, and maximize its engineering and construction expertise. The company said this move would allow greater flexibility in decision-making and project management.

Megawide recently reported strong financial performance, with a net income of P562 million for the first nine months of 2024, up 69 percent year-on-year. 

Revenues reached P16.3 billion, supported by cost savings and improved expense management. Operating profit surged 126 percent to P1.98 billion, while EBITDA rose 29 percent to P3.65 billion.