Airports Company Ltd.

cancelled

Aeroporti di Roma International acquired 20% of Airports Company, the country airports operator, for US$165.7 million (R 819 million). ADR has also been given the option to buy an additional 10% by 2001. Another 29% will be sold in the future as follows: 10% will be sold to black institutional investors, 9% to the company's employees and 10% to the National Empowerment Fund. In May 1999, the company was awarded a 25-year lease agreement with the North West Provicial government to manage the Pilanesberg Airport; a total of R$ 20 million will be directed to the upgrade of runways, taxiways and aircraft parking areas. In 2001, the government announced the postponment of the IPO for the remaining government-owned shares in the company to 2004. In September 2005, Aeroporti di Roma sold its 20% in Airports Company to the Public Investment Corporation (PIC), the South African state pension fund administrator. PIC was an investment management company wholly owned by the South African government. The sale was a business decision of Aeroporti di Roma, and allow it to record a capital gain of Euro 73.1 million in 2005. The PIC is an investment management company wholly owned by the South African government. (http://www.pic.gov.za/Inveloper.asp?iP=7&iS={E2E59461-8BD7-4C1E-B74B-939F1E90E33F}). Does this make the project a canceled one?