Philippines signs airport pact with GMR despite legal issues.

Various ongoing legal issues notwithstanding, the GMR-Megawide consortium recently signed the concession agreement with the Philippines' Department of Transportation and Communications (DOTC) and Mactan Cebu International Airport Authority (MCIAA) for expanding the Mactan Cebu International Airport (MCIA).

The concession agreement was signed after the consortium paid $320 million as upfront premium.

According to a statement from GMR Infrastructure, this marks the beginning of a transition phase before the operations of MCIA are formally handed over to GMR-Megawide later in the year.

BS