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Hayır (No)
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As 26% shareholder of the SPV (TIBAH Development) with the concession rights to Madinah Airport, our Board of Directors has resolved to participate in additional investments into Madinah Airport that will increase its capacity from 8 million passengers per year to 18 million passengers per year in two phases.
The total investment amount planned for the two phases, for 100% of the SPV, is 275 million USD. (The amount corresponding to TAV Airports' share of 26% is 71.5 million USD.) The investment program is planned to begin during first half of 2024 and is planned to be completed in 2027.
A "Heads of Terms" agreement has been signed for the first phase of this investment program to build a new domestic terminal which is expected to cost 175 million USD.
In the second phase which is expected to cost 100 million USD, the terminal currently in usage will be developed and converted into an international terminal and ancillary facilities such as new connecting roads, utility lines, carpark and an administration building will be constructed.
The investment is expected to be financed with 70% debt and 30% equity.
As per the 6th article of the Material Events Communiqué of the Capital Markets Board No. II-15.1, it was decided to postpone the disclosure of the resolution of our Board of Directors dated March 5, 2024 regarding Madinah Airport investments, to assure confidentiality for a process which could otherwise be negatively affected, to protect the legitimate rights and interests of our Company and to prevent the risks of misleading our investors on a process which is subject to uncertainty.
This statement has been translated into English for informational purposes. In case of a discrepancy between the Turkish and the English versions of this disclosure statement, the Turkish version shall prevail.
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We proclaim that our above disclosure is in conformity with the principles set down in “Material Events Communiqué” of Capital Markets Board, and it fully reflects all information coming to our knowledge on the subject matter thereof, and it is in conformity with our books, records and documents, and all reasonable efforts have been shown by our Company in order to obtain all information fully and accurately about the subject matter thereof, and we’re personally liable for the disclosures.