Philippine Billionaire Aboitiz Family Wins $226 Million Airport Project [Forbes]
ABOITIZ EQTY VNT UNSP/ADR (ABTZY)
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Source: Forbes
Aboitiz InfraCapital —the infrastructure arm of the billionaire Aboitiz family 's Aboitiz Equity Ventures—has won a contract to upgrade and operate an international airport in southern Philippines. The company will spend 12.8 billion pesos ($226 million) to upgrade the Laguindingan Airport in Misamis Oriental, a province on the southern island of Mindanao. The 30-year contract to operate the airport is expected to be signed with the government by the end of this month, it said. “This deal marks another major step in our airports platform, and we remain optimistic as we pursue further opportunities with other regional airports,” Aboitiz InfraCapital CEO Cosette Canilao said in a statement to the Philippine Stock Exchange. Aboitiz InfraCapital has been doubling down on its investments in Philippine airports. In 2022, bought the Mactan-Cebu International Airport from tycoon Edgar Saavedra's Megawide and India's GMR Group for 25 billion pesos. It has also submitted proposals to upg
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