Brief: TAV Airports Decides To Participate In Additional Investments Into Madinah Airport As 26% Shareholder Of Spv With Concession Rights To Madinah Airport

Tav Havalimanlari Holding

21/03/2024 15:59

March 21 (Reuters) - TAV Havalimanlari Holding AS
 TAVHL.IS :
    * TAV AIRPORTS DECIDES TO PARTICIPATE IN ADDITIONAL
INVESTMENTS
INTO MADINAH AIRPORT AS 26% SHAREHOLDER OF SPV WITH  CONCESSION
RIGHTS TO MADINAH AIRPORT
    * TAV AIRPORTS SAYS INVESTMENTS WILL INCREASE MADINAH
AIRPORT'S
CAPACITY FROM 8 MILLION PASSENGERS PER YEAR TO 18 MILLION
PASSENGERS PER YEAR IN TWO PHASES
    * TAV AIRPORTS SAYS TOTAL INVESTMENT AMOUNT PLANNED FOR TWO
PHASES, FOR 100% OF THE SPV, IS 275 MILLION USD
    * TAV AIRPORTS SAYS INVESTMENT PROGRAM IS PLANNED TO BEGIN
DURING
FIRST HALF OF 2024 AND IS PLANNED TO BE COMPLETED  IN 2027
    * TAV AIRPORTS SAYS A "HEADS OF TERMS" AGREEMENT HAS BEEN
SIGNED
FOR FIRST PHASE OF THIS INVESTMENT PROGRAM TO BUILD A NEW
DOMESTIC TERMINAL WHICH IS EXPECTED TO COST 175 MILLION USD
    * TAV AIRPORTS SAYS SECOND PHASE  IS EXPECTED TO COST 100
MILLION
USD
    * TAV AIRPORTS SAYS TERMINAL CURRENTLY IN USAGE WILL BE
DEVELOPED
AND CONVERTED INTO AN INTERNATIONAL TERMINAL AND ANCILLARY
FACILITIES IN SECOND PAHSE
    * TAV AIRPORTS SAYS  ADMINISTRATION BUILDING WILL BE
CONSTRUCTED 
IN SECOND PHASE
    * TAV AIRPORTS SAYS INVESTMENT IS EXPECTED TO BE FINANCED
WITH 70%
DEBT AND 30% EQUITY

Source text for Eikon:  ID:nIKA4PfsP8 
Further company coverage:  TAVHL.IS 

 (Gdansk Newsroom)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 7696600;))