MANILA - Megawide Construction Corp is shifting its focus on essential and pandemic resilient projects as it plans to sell shares in its Mactan Airport project, an official said Monday.

On Friday, Megawide disclosed Aboitiz InfraCapital Inc will acquire shares in GMR-Megawide Cebu Airport Corp (GMCAC), the developer and operator of the Mactan Cebu International Airport (MCIA) from Megawide and its Indian partner GMR Airports International BV (GAIBV).

Megawide will focus on land transportation as well as affordable housing, among others, Chairman and CEO Edgar Saavedra told ANC.

“There are 2 main reason is the strategic direction fo the company and the fair valuation that’s on the table. Since late last year, we were approached by Aboitiz and gave us that unsolicited offer,” Saavedra said.

"The transaction is in line with Megawide's strategy of constantly re-engineering its business and financial portfolio to support its vision of engineering a First-World Philippines, and to explore more resilient, high-growth, and scalable opportunities to anchor its long-term and sustainable growth agenda," the company told the stock exchange Monday.

Affordable housing, he said, is "an essential business and pandemic resilient."

Despite the shift, Saavedra said the company remains open for opportunities in the airport sector such as the rehabilitation of the Ninoy Aquino International Airport.

In terms of land transport, he said there are projects in various stages.

Megawide also built the Parañaque Integrated Terminal Exchange (PITX).

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