Fraport AG

Fraport's Project in Manila Continues as Planned

    Frankfurt/Main, Germany (ots) - Contrary to a report published in "Handelsblatt", Fraport AG continues to participate as planned in the construction of the new International Passenger Terminal 3 (ITP3) at Ninoy Aquino International Airport in Manila, the capital of the Philippines.

    Fraport AG Frankfurt Airport Services Worldwide holds a direct 30-percent share in PIATCO, the ITP3 project company. In addition, Fraport holds a 40-percent share in PTI, the future terminal operating company. Under Philippine law foreign investors are not allowed to hold larger shares in any single company.  PIATCO has a concession for constructing and operating the new terminal for a period 25 years. However, it does not have the concession for operating duty-free shops.

    Fraport AG's key role is to transfer its expertise and know-how to this project to ensure the new terminal will meet international standards. A team of 20 Fraport AG specialists are on site in Manila for that purpose. The main contractor for the construction project is the Japanese Takenaka Corporation. Construction progresses on schedule.

    PIATCO is currently working on fulfilling the facility-of-payment conditions of the long-term financing arrangement agreed in July 2001. This long-term financing will be provided by an international banking consortium led by Kreditanstalt fuer Wiederaufbau (KfW), Dresdner Bank, International Finance Corporation (IFC), and the Asian Development Bank.

    Corruption allegations set afloat by interested parties are not linked to Fraport's involvement. An inquiry commission established by the Philippine Parliament confirmed already in 2000 that the concession contract had been awarded legitimately.

ots Original Text Service: Fraport AG Internet:

For More Information, Please Contact: Tanja Engelmann 60547 Frankfurt am Main, Germany Tel.: +49 69 690 -66951 Internet:

Original-Content von: Fraport AG, übermittelt durch news aktuell

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