Philippines' Megawide, partner selling airport project stakes for $440 mn

Philippines' Megawide Construction Corp and its Indian partner are selling their shares in an airport developer and operator, in a deal worth $439.8 million, Megawide said in a disclosure

Philippines' Megawide Construction Corp and its Indian partner are selling their shares in an airport developer and operator, in a deal worth 25 billion pesos ($439.8 million), Megawide said in a disclosure on Friday.

Megawide and partner GMR Airports International will sell their interests in Mactan Cebu International Airport in central Philippines to the infrastructure arm of conglomerate Aboitiz Equity Ventures Inc, by issuing shares and exchangeable notes.

($1 = 56.84 Philippine pesos)

(Reporting by Neil Jerome Morales; Editing by Martin Petty)