Airport giant invests in Bavaro International Airport

Mexico’s Grupo ASUR acquired 25% of AIB’s capital stock through its subsidiary in the United States.

Bavaro International Airport (AIB) today shared with Dominicans the news – disseminated on the New York Stock Exchange – of the acquisition of 25% of its capital stock from the Mexican airport giant Grupo ASUR.

The press release from AIB’s new investor does not disclose when this acquisition took place, although it states that “as of June 30, 2023, ASUR has made capital investments in Aeropuerto Internacional de Bávaro AIB, S.A.S. (a venture created to develop this project) for a total of $17.8M USD prior to the start of construction”.

A press release reads as follows in Spanish, according to a free translation:

“In 2023, ASUR, through a subsidiary in the United States, entered into an investment agreement with Grupo Abrisa and CVC One for the purpose of developing and constructing an international airport in Bávaro, Dominican Republic. As of June 30, 2023, ASUR has made equity investments in Aeropuerto Internacional de Bávaro AIB, S.A.S. (a venture created to develop this project) totaling $17.8M USD prior to the start of construction. ASUR expects to maintain a 25% stake in the venture with an estimated total amount of $66 million USD once construction is completed”.

ASUR has operated nine airports in Mexico since 1998, including the busiest airport in the Caribbean, Cancun International Airport (CUN), which serves more than 30 million passengers annually.

It also owns 60% of Aeroplan Airport Holdings, the first U.S. company to reach a Public-Private Agreement with the FAA for the operation of an airport.

It also owns the Luis Muñoz Marín (SJU) terminal in San Juan, Puerto Rico, with more than 11 million passengers and, in turn, owns Airplan Operadora Aeropuertos Centro Norte in Colombia, with 6 other airports, including the Medellín Airport (MDE), which serves more than 10 million passengers.

ASUR, in total, handles more than 66 million passengers annually.

In 2000 ASUR became the first airport group to be listed on the New York and Mexican Stock Exchanges (NYSE & BMV), where it currently floats 65.65% of its shares.

Under the ASR code of the New York Stock Exchange (NYSE), ASUR is listed today with a capitalization of 8.5 billion dollars.

Punta Cana Airport and the Punta Cana Group

The lawyer of Corporación Aeroportuaria del Este, owner of the Punta Cana Airport and the Punta Cana Group, Miguel Valerio, in declarations to the press recently indicated that the AIB is a “senseless and unnecessary” project.

Valerio declared that to the seven judicial decisions against the AIB is added the resolution of the Ministry of Environment and Natural Resources of September 12, 2022, which annulled the environmental license that favored that work, “thus correcting the irregularities that were committed at the end of the last government, thus reaffirming the strengthening of institutions and legal security in the Dominican Republic”.

AIB Defense Council

The Defense Council of the Bavaro International Airport (AIB) also informed that due to the suspension of the construction of the new air terminal, an investment of about US$ 200 million has been paralyzed.

Lawyer Emmanuel Esquea Guerrero, who is part of the legal defense of the AIB, understands that President Luis Abinader has not been sufficiently informed of the details involved in the situation.

In that sense, Esquea Guerrero highlighted that this position puts at risk future investments in the country. “You can imagine a government and a country that requires foreign investment that is rejecting internal investment, a national investment, and the foreigners what are they going to say”.

Esquea Guerrero affirmed that no sentence has affected the decree approving the airport nor the contract subscribed with the State for its construction.

In addition, he recalled that the country’s justice system consists of three jurisdictional instances and a constitutional one, so any sentence issued by a court can be appealed before the higher courts.

“One can only speak of a final decision when the case has gone through this process.”

The Council highlighted its firm commitment to defend the legality and transparency of the project and pointed out that all the aforementioned rulings have been the subject of appeals seeking to rectify the constitutional violations of fundamental rights committed.

Source: Acento.com.do

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Dominican Republic Live Editor

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