Brief: TAV Airports Signs Share Purchase Agreement With Mada, Co's Joint Venture Partner In Tibah, Holding Other 50% Of Tibah Shares

Tav Havalimanlari Holding

10/07/2023 06:34

July 10 (Reuters) - TAV HAVALİMANLARI HOLDİNG
 TAVHL.IS :
    * SAID ON FRIDAY SIGNS A SHARE PURCHASE AGREEMENT WITH MADA
INTERNATIONAL HOLDING (MADA) WHO IS OUR JOINT VENTURE PARTNER IN
TIBAH, HOLDING OTHER 50% OF TIBAH SHARES
    * SIGNS AGREEMENT THROUGH OUR SUBSIDIARIES WE HOLD 50% OF
THE
SHARES OF TIBAH AIRPORTS DEVELOPMENT COMPANY (TIBAH) WHICH IS
THE SPV THAT USES THE CONCESSION RIGHTS OF MADINAH AIRPORT
    * SAYS A NEW SHAREHOLDERS' AGREEMENT IS ALSO GOING TO BE
SIGNED
WITH MADA, ACCORDING TO WHICH, THE PRESENT CO-CONTROL METHOD OF
GOVERNANCE IN TIBAH WILL NOT CHANGE
    * SAYS TO, THROUGH OUR SUBSIDIARY PMIA AVIATOR B.V.,
TRANSFER 24%
OF SHARES OF TIBAH TO MADA FOR A CONSIDERATION OF USD 135
MILLION. THUS, OUR SHAREHOLDING IN TIBAH WILL DECREASE FROM 50%
TO 26%
    * SAYS IF THE TOTAL PASSENGERS SERVED IN MADINAH AIRPORT FOR
THE
CALENDAR YEAR OF 2023 IS BELOW 8.14 MILLION PASSENGERS AND THE
FORCE-MAJEURE PERIOD IS THUS EXTENDED FOR ONE MORE YEAR, THE
PURCHASE PRICE WILL GO UP BY USD 30 MILLION TO USD 165 MILLION


        
 Source text for Eikon:  urn:newsml:reuters.com:*:nIKA6tvmnk
 Further company coverage:  TAVHL.IS  

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