Changi Airport Group keen on taking 30% stake in NAIA expansion project
The Changi Airport Group of Singapore is eyeing a 30 percent stake in a project that seeks to transform the Ninoy Aquino International Airport into a world-class regional aviation hub, the Nikkei reported.
In partnership with Changi Airport Group, a local super consortium comprising seven conglomerates — Ayala Corp., JG Summit Holdings, LT Group, Aboitiz Equity Ventures, Metro Pacific Investments Corp., Filinvest Development, and Alliance Global Group — submitted an unsolicited proposal to redevelop NAIA into a premier international gateway at a cost of P350 billion.
MPIC chairman Manuel V. Pangilinan said Changi Airports International is keen on taking 30 percent of the project with the seven corporate giants holding 10 percent each.
The super consortium’s proposal involves improvements and expansion of terminals, and the development of an additional runway, taxiways, passenger terminals and associated support infrastructure.
Changi Airport Group, which manages Singapore’s Changi Airpor, just lost a contract to operate King Abdulaziz International Airport in Jeddah.
It has airport consultancy and development projects in Brazil, Russia, China, India, and the Middle East.