TAV Airports has started negotiations with Saudi Oger Ltd. to purchase half of its 33.3 percent shares of Tibah Airports Development Company (Tibah Development) which is 33.3 percent held by the company. With the completion of the share purchase upon necessary approvals, our stake in Tibah Development will increase to 50 percent.
Medinah International Airport which served 5.8 million pax in 2015 has been operated by Tibah Development since 2012 under a 25 year concession ending in 2037.
We hereby state that the above clarifications are in compliance with the principles set forth in the Decree No II-15.1 of the Capital Market Board, that it fully reflects the information we have received in this respect, that the information is compliant with the books, records and our documents, that we have accomplished our best in order to obtain the accurate and correct information, and that we are responsible for this clarification hereby.
