JG Summit Holdings announced on Tuesday that it has entered into an agreement with Filinvest Development Corp, Philippine Airport Ground Support Solutions, and Changi Airports Philippines to define ownership interests in the Luzon International Premier Airport Development Corp.
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 established by the North Luzon Consortium, comprised of the aforementioned companies, for the management, operation, 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.
The government issued a formal notice to LIPAD Corp in 2019 to operate and maintain Clark International Airport.