JG Summit, FDC forge airport ownership deal 


LISTED companies JG Summit Holdings, Inc. and Filinvest Development Corp. (FDC) have entered a shareholders’ agreement, which laid out their ownership interest in Luzon International Premiere Airport Development Corp. (LIPAD).

In separate disclosures, the companies said the agreement signed on Monday allots a 42.5% stake to FDC, and 33% to JG Summit in LIPAD.

LIPAD is a special purpose vehicle incorporated by the North Luzon Airport Consortium, which includes FDC, JG Summit, Philippine Airport Ground Support Solutions, Inc. (PAGSS), and Changi Airports Philippines (I) Pte. Ltd. (CAP).

Meanwhile, PAGSS is given a 15% stake and CAP, a wholly owned subsidiary of Changi Airports International, takes 9.5% of LIPAD.

LIPAD is responsible for the management, operations, and maintenance of Clark International Airport. It was awarded a 25-year operations and management contract for the airport’s terminals in January 2019.

Stocks of JG Summit at the local bourse gained 0.83% or 50 centavos on Monday to close at P61 each, while FDC shares went up by 2% or 16 centavos to P8.15 apiece. — Keren Concepcion G. Valmonte