SNC-Lavalin To Participate In Malta International Airport Concession
Vancouver, April 26, 2002 — SNC-Lavalin Inc. and two partners announced today that the Maltese government has selected their consortium, Malta Mediterranean Link, to assume 40% ownership of Malta International Airport p.l.c. This company will be the concessionaire of Malta International Airport under a 65-year concession agreement. The Maltese government retains the remaining 60%.
The transaction is expected to take effect at the end of May 2002, pending approval from the Maltese Parliament.
Malta Mediterranean Link is composed of the Vienna International Airport, the majority stakeholder with a 53.24% interest; SNC-Lavalin Inc., with 36.13%; and Bianchi & Company (1916) Ltd., a Maltese firm, with the remaining 10.63%. SNC-Lavalin will contribute approximately $24 million to the consortium's total investment.
"We're very pleased with this venture, which is in line with our strategy to continue building our concession portfolio," said Henry Wakabayashi, Vice-President, Airport Development, SNC-Lavalin Inc., "With its pleasant climate and rich history and culture, Malta has a thriving tourism industry which will continue to depend on efficient airport services and facilities. Our experience as project managers at the Vancouver International Airport will be invaluable in our new role in Malta."
As part of the transaction, SNC-Lavalin will be granted a technical services agreement to assist the airport concessionaire in infrastructure development, the development of its cargo business, and the implementation of a smooth transportation system for passengers travelling between the airport and cruise ships.
The Malta International Airport currently serves about three million passengers a year, and employs approximately 450 people.
SNC-Lavalin (TSE:SNC) is one of the leading groups of engineering and construction companies in the world and a global leader in the ownership and management of infrastructure. The SNC-Lavalin companies employ over 10,000 people in offices across Canada and in 30 other countries around the world and are currently working in some 100 countries. |
