San Miguel Hires Dutch Firm for $1.73 Billion Airport Land Deal

(Bloomberg) -- San Miguel Corp. awarded Royal Boskalis Westminster N.V. a $1.73 billion contract to develop land for its 740 billion-peso ($15.4 billion) airport project north of the Philippine capital. Shares of the Dutch company jumped.

“Our selection of a global giant in dredging shows how ready, willing, and committed we are to do everything necessary to make sure this airport project is developed properly and sustainably,” San Miguel President Ramon Ang said in a statement.

San Miguel Boss Ang to Start Airport Construction, Eyes Airline

Get More

• Approximately 1,700 hectares of land will be developed for the airport in Bulacan province. Preparatory works on land development will begin in early 2021 and will be completed by 2024
• Boskalis will ensure the area is sustainable for development and can withstand earthquakes, typhoons and future rise in sea level, Ang said
• Boskalis shares surged as much as 23%, the most in more than 30 years

©2020 Bloomberg L.P.