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A new Caticlan Airport for Boracay with San Miguel Corp at the helm

Read an interesting development in Boracay yesterday. San Miguel Corp. has now a 51% stake in the Caticlan International Airport Development Corporation,  which is of the consortium led by businessman George Yang. who are the people responsible in the development and operations of the Caticlan Airport, the first privatized airport in the Philippines. With this development, we will see a modern airport soon, Expect more business going on in Boracay.. See article written by Doris Dumlao of Philippine Daily Inquirer below:

 

SMC takes over Caticlan airport project 

Acquires firm with 25-year concession deal

By Doris Dumlao
Philippine Daily Inquirer
First Posted 21:40:00 04/12/2010

Filed Under: Economy and Business and Finance, Company Information, Mergers - Acquisitions - Takeovers, Air Transport

 

MANILA, Philippines--Diversifying San Miguel Corp. has signed a deal to take over the country’s first privatized airport development project—the modernization of the Caticlan airport, gateway to the world-famous Boracay Island.

San Miguel told the Philippine Stock Exchange Monday that its subsidiary, San Miguel Holdings Corp., has executed a share-sale purchase agreement to initially acquire a majority interest in Caticlan International Airport Development Corp. (CIADC). The conglomerate is coming in as the strategic partner of the consortium of businessmen George Yang, Rafael Puno, Lino Barte and RPRP Ventures Management and Development Corp.

CIADC holds the exclusive rights, obligations and privileges to finance, design, construct, operate and maintain the Caticlan Airport by virtue of a concession agreement dated June 22, 2009, with the Department of Transportation and Communications and the Civil Aviation Authority.

Closing of the agreement is subject to certain conditions and an appropriate disclosure would be made upon satisfaction of such conditions, the San Miguel disclosure added.

The Inquirer earlier reported that SMC was buying a 51-percent stake in the Yang-led consortium, which will modernize and operate the Caticlan airport under a 25-year concession arrangement with the government. The project is in line with San Miguel’s diversification into the infrastructure business and its recent foray intoleisure estate development in Boracay.

“This is a good project. They can make Boracay like aBali (famous beach site in Indonesia). What is really needed in Boracay is a good airport,” said Joseph Roxas, president of Eagle Equities Inc.

The modernization of the Caticlan airport alone is worth about P2.5 billion, based on the framework approved by the National Economic and Development Authority. It involves the construction of a bigger airport passenger terminal, extension of the existing runway from 950 meters to 2,100 meters, improvement of the road network and upgrading of airport facilities and air traffic control aids. The proponents have also committed to build other support utilities, install fire-fighting equipment, and construct a diversion road.

The project is based on a build-rehabilitate-operate-transfer agreement. CIADC has up to seven years to build and expand the airport and 25 years to operate the facilities. All revenues will go to CIADC except for earnings from the operation and maintenance of navigation systems, which will go to the DOTC.

The project also has a commercial component that entails the development of a 16-hectare property beside the airport. The peripheral project is estimated to cost P10 billion.

The modernization work on the Caticlan airport started last January. Once finished, airfares to Boracay are expected to be more competitive since airlines can use bigger aircraft with more seating capacity.

San Miguel also announced earlier its interest to take part in a consortium that is bidding for the right to modernize the Clark International Airport.

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You might want to check out the one year old Boracay Boutique Hotel for sale.

Click here:   http://www.phil-realestate-choices.com/Boracay/Metro_Manila/Other/Boracay/Boracay_Island/Agent/Listing_2247853.html

or check out boracay properties:

 http://www.phil-realestate-choices.com/HomesAuthenticated.aspx?tabid=2306831

 

 

 

 

Published Wednesday, April 14, 2010 6:20 PM by Chona Esguerra

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