Ayala board OKs JV with Aboitiz for airport project


Posted at Sep 14 2012 04:16 PM | Updated as of Sep 15 2012 12:16 AM

MANILA, Philippines - The board of directors of Ayala Corp. has approved the strategic alliance with Aboitiz Equity Ventures (AEV) to bid for the Mactan-Cebu international airport. 

In a disclosure to the stock exchange, Ayala said its board of directors approved the memorandum of agreement with AEV to form a 50-50 joint venture company. The JV will bid for the Mactan-Cebu international airport passenger terminal project under the government's public private partnership program. The project is estimated to cost P10 billion.

"Both groups strongly believe in the potential of the Mactan Airport to be a compelling gateway to the country for international passengers and to the Visayas for the growing domestic travelers,” Ayala President and Chief Operating Officer Fernando Zobel de Ayala earleir said, in a statement. 

The government is expected to announce the bidding for the Mactan airport project before the end of the year. 

At the same time, the Ayala board approved the registration of its new subsidiary LiveIt Global Services Management Institute Inc. with the Securities and Exchange Commission. 

The institute will provide services oriented towards promotion of service management, such as training specific skills for employment in the IT-BPO, hotels and banking sectors.