Cambodia Airports

completed

The project company is Société Concessionnaire de l’Aéroport (SCA or the company – a joint venture between Vinci Airports and Muhibbah Masteron Cambodia), a special purpose company that holds a 25-year concession (from 1995) from the Government of Cambodia (GoC) to operate the Phnom Penh International Airport, Phnom Penh and Siem Reap-Angkor International Airport, Siem Reap. The Phnom Penh International Airport (PPIA) is located 10 km west of the capital city of Phnom Penh on a total area of 450 hectares, and the Siem Reap-Angkor International Airport (Siem Reap) is located 8 km northwest of Siem Reap city on a total area of 195 hectares. PPIA serves as the main gateway to Cambodia while Siem Reap mainly caters to the tourist traffic visiting the various Angkor temples located in the nearby Angkor Archeological Park, a UNESCO World Heritage site. Given the increasing traffic at the two airports, SCA is required, under the Concession, to carry out additional investments in the next five years. The total project cost is estimated at this stage at $72.0 million and includes: - the financing of the 2003-2007 capital expenditure program for a total amount of $47.1 million, including $23.2 million to upgrade the facilities of Pochentong Airport (runway lengthening and widening, construction of a parallel taxiway, expansion of apron and warehouse facilities and modernization of the airport operating equipment) and $23.9 million for Siem Reap Airport (major repairs of the runway and taxiway, extension of the taxiway and aprons, construction of a new terminal building, modernization of the airport operational equipment and construction of a new cargo warehouse); - the payment of $8.2 million due to the contractor for past capital expenditures; and - the refinancing of $16.7 million of the existing shareholder and shareholder-guaranteed loan.