eTurboNews - Independent and Global Travel, Tourism, Lifestyle, Entertainment News you only find here

Travel News Distribution powered by eTurboNews:

Compensation payment to PIATCO for the Manila Terminal Project

Compensation payment to PIATCO for the Manila Terminal Project (Forimmediaterelease.net) Fraport AG Frankfurt Airport Services Worldwide welcomes the Philippine government's compensation payment made to PIATCO for the expropriated terminal project at Manila airport. This payment is in keeping with the Philippine Supreme Court's decision of September 8, 2015, which was again reaffirmed in April of 2016. The Supreme Court stipulated that the government of the Philippines must pay compensation because it declared the concession contract with PIATCO null and void and, in 2004, expropriated PIATCO's newly-built airport terminal in the capital city of Manila.

Following the decision of the Philippine Supreme Court, PIATCO has received compensation payments for the expropriated terminal project in Manila. Based on this compensation, PIATCO has already made a partial payment to Fraport AG. Furthermore, Fraport AG intends to sell its shareholdings in companies in the Philippines and will no longer purse claims in connection with the expropriation of the terminal project at Manila airport.

Fraport AG's share of the total transaction amounts to about US$270 million.

From the compensation inflows, Fraport AG is required to repay the German federal government up to some EUR40 million, which the company received in fiscal year 2008 under Germany's GKA (Bundesgarantie für Kapitalanlagen im Ausland) foreign-investment guarantee program.

The rest of Fraport's compensation sum will primarily impact the Group EBITDA, EBIT, and EBT in the current fiscal year and - taking into account taxes to be paid - will have correspondingly positive impact on the Group result.

In due time, the Fraport AG executive board will recommend to the supervisory board whether and to what extent the gain should be reflected in the dividend payment to the shareholders of Fraport AG.

MEDIA CONTACT: Fraport AG Frankfurt Airport Services Worldwide, Robert A. Payne, B.A.A. – International Spokesman and Head of International Press/PR & External Activities Team, Press Office (UKM-PS), Corporate Communications, 60547 Frankfurt, Germany; Tel.: +49 69.690.78547; E-mail: r.payne@fraport.de ; Internet: www.fraport.com

PRESS RELEASE
www.buzz.travel

+++ Upload Your Press Release +++



Need assistance?

You need a little assistance?Call for help
+1-808-521-2800

Subscribe Now!

News Distribution Service

Distribute your press release with our service?

Submit Your Press-release

Latest Travel News


Top