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Wednesday, 7 September 2016

Saudi Oger Talks With TAV to Sell Half Medina Airport Stake - Bloomberg

Saudi Oger Talks With TAV to Sell Half Medina Airport Stake - Bloomberg:

"Saudi Oger Ltd., the construction company owned by Lebanon’s Hariri family, is in talks to sell half its stake in the company that operates Saudi Arabia’s Medina airport to Turkish partner TAV.
The two companies have started discussing the transfer of a 16.7 percent stake in Tibah Airports Development, TAV said in an e-mailed statement. The deal would allow TAV, which also operates Turkey’s busiest airport in Istanbul, to raise its holding to 50 percent from 33.3 percent. Saudi Oger holds 33.3 percent of Tibah with Al Rajhi Holding Group and it wasn’t immediately clear if it will sell or retain its other 16.7 percent.
The airport generated 140 million euros ($157 million) of sales and 41.1 million euros of Ebitda in 2015 and is valued at about 338 million euros, Efe Can Kalkandelen, an analyst at Istanbul-based Is Investment, said in an e-mailed report on Wednesday. The three companies have been operating Medina airport, which served 5.8 million passengers last year, since 2012 under a 25-year concession contract that will expire in 2037."

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