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TAVHL - TAV Havalimanlari Holding AS News Story

TRY15.03 0.0  0.0%

Last Trade - 22/09/20

Mid Cap
Market Cap £555.5m
Enterprise Value £1.10bn
Revenue £506.7m
Position in Universe 51st / 632

UPDATE 1-Turkey's TAV says signs Sabiha Gokcen stake agreement

Mon 15th September, 2014 8:02am
(Adds quote, details, TAV shares) 
    ISTANBUL, Sept 15 (Reuters) - Turkish airports company TAV 
Havalimanlari  TAVHL.IS  said on Monday it had signed an 
agreement with Limak Group to buy its 40 percent stake in 
Istanbul's Sabiha Gokcen Airport in a deal worth a maximum 285 
million euros ($369 million). 
    Malaysia Airports Holding  MAHB.KL  owns the other 60 
percent of Sabiha Gokcen, TAV said in a statement. 
    Shares in TAV were up 1.69 percent at 18.05 lira in Istanbul 
after the announcement. 
    The move comes as Turkey works on a project to build a third 
airport in Istanbul, envisaged as one of the world's largest, in 
addition to Ataturk Airport and Sabiha Gokcen. 
    TAV Airports CEO Sani Sener said the purchase was a 
strategic move as Ataturk Airport was planned to be closed once 
the new airport is put into service. 
    "Having a presence in both Istanbul Ataturk and Sabiha 
Gokcen Airports in the next 5-6 years will help raise 
productivity and enhancing services," he said. 
    He said there could be further collaborations beyond Sabiha 
Gokcen with Malaysia Airports on other projects. 
    Sabiha Gokcen was put into service in 2001 and a consortium 
of Limak-GMR-Malaysia Airports undertook its operations for 20 
years after a 2007 tender. This year, India's GMR  GMRI.NS  sold 
its shares to Malaysia Airports and left the consortium. 
    (1 US dollar = 0.7718 euro) 
 (Reporting by Birsen Altayli; writing by Daren Butler; editing 
by Nick Tattersall and Jason Neely) 
 ((daren.butler@thomsonreuters.com; +90-212-350 7122; Reuters 
Messaging: daren.butler.thomsonreuters.com@reuters.net)) 
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