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JG Summit Holdings on Tuesday said it has signed a deal with Filinvest Development Corp, Philippine Airport Ground Support Solutions and Changi Airports Philippines defining ownership interest in the Luzon International Premier Airport Development Corp., according to a report by ABS-CBN.
The firms signed a shareholders' agreement on June 7 which stated that JG Summit Holdings will hold a 33-percent stake in LIPAD, FDC with 42.5 percent, CAP with 15 percent and PAGSS with 9.5 percent, JG Summit Holdings said in a disclosure to the stock exchange.
Changi Airports Philippines is a wholly-owned subsidiary of Changi Airports International.
LIPAD is a special purpose vehicle incorporated by the North Luzon Consortium, made up of the above-mentioned firms, for the management, operations and maintenance of Clark International Airport.
"We would like to inform you that on 7 June 2021, Filinvest Development Corporation (“FDC”) signed a Shareholders’ Agreement with JG Summit Holdings Inc. (“JGSHI”), Philippine Airport Ground Support Solutions Inc. (“PAGSS”), and Changi Airports Philippines (I) Pte. Ltd. (“CAP”) in connection with their ownership interest in Luzon International Premiere Airport Development Corp. (“LIPAD”)," the statement said.
In 2019, LIPAD Corp received a formal notice from the government to operate and maintain the Clark International Airport.