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), is a special purpose company that holds a 25-year concession (from 1995) from the Government of Cambodia to manage and operate the Phnom Penh International Airport, Phnom Penh and Siem Reap-Angkor International Airport, Siem Reap. Some parts of the operation of the two airports are delegated to Cambodia Airport Management Services Limited (CAMS - a joint venture between Aéroport de Paris, Vinci Airports and Malaysian Airport Berhad), under an operating agreement with SCA. 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 $72.0 million and includes at this stage: - 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); - $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.