JG Summit Holdings, Inc. and Filinvest Development Corp. (FDC), both listed firms, have engaged into a shareholders agreement outlining their ownership stake in Luzon International Premiere Airport Development Corp. (LIPAD).
Separately, the firms said that the deal inked on Monday gives FDC a 42.5 percent ownership in LIPAD and JG Summit a 33 percent share.
The North Luzon Airport Consortium, which comprises FDC, JG Summit, Philippine Airport Ground Support Solutions, Inc. (PAGSS), and Changi Airports Philippines (I) Pte. Ltd., established LIPAD as a special purpose corporation (CAP).
Meanwhile, PAGSS receives a 15% ownership, while CAP, a fully owned subsidiary of Changi Airports International, receives a 9.5 percent share in LIPAD.
LIPAD is in charge of Clark International Airport’s administration, operations, and maintenance. In January 2019, it was given a 25-year operations and management contract for the airport’s terminals.