Ayala and Aboitiz Partners To Develop Cebu Airport

Ayala Corp. (AC) and Aboitiz Land, Inc. have signed a memorandum of agreement with US-based firm ADC & HAS Airports, Inc. for the development of the Mactan-Cebu International Airport through the government’s public-private partnership (PPP) program.

The project involves the construction of a new passenger terminal which can hold 8 million passengers a year.

The airport project will be under the build-rehabilitate-operate-transfer scheme  and will be divided into two parts, namely: "initial investment" which will cost Php8.873 billion and "future investment" which will cost Php8.647 billion.

Meanwhile, the Security and Exchange Commission (SEC) has approved Lopez-led ABS-CBN Corp.’s (ABS) capital restructuring program.

The program will reclassify 200 million common shares into one billion voting preferred shares. The common shares currently have a par value of Php1.

Following the reclassification, the preferred shares would have a par value of Php0.20. According to ABS, the capital restructuring program will give the company financial flexibility as it starts new business lines.