China’s Meilan International Airport sold to BVI company
Copenhagen Airports has announced that it has sold its 20% stake in China’s Hainan Meilan International Airport Company (HMA) to Oriental Patron Resources Investment Limited, the company registered in the British Virgin Islands. The amount of sale of HKD544 mln. caused currency losses due to which the full year pretax profit announced by Copenhagen Airports is reduced by 51 mln Danish Krones. The stake in HMA was acquired by the group in November 2002.
Copenhagen Airports representatives said that the currency losses realised due to the sale of the HMA shares will, together with transaction costs and the absence of profit from the investment for the remainder of 2007, reduce the annual profit before tax.
The deal between the Copenhagen Airport and the above-named BVI company took place on June 5, and was actually part of Airport’s strategy to focus on airport in Copenhagen. The proceeds for the sale of Hainan Meilan International Airport Company are planned to be used to repay debt and fund future capital expenditure.