{"id":385754,"date":"2020-11-19T19:01:22","date_gmt":"2020-11-20T00:01:22","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=385754"},"modified":"2020-11-19T19:01:22","modified_gmt":"2020-11-20T00:01:22","slug":"caap-announces-its-subsidiary-icasga-executes-amendment-to-allow-for-friendly-termination-of-its-natal-airport-concession","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/caap-announces-its-subsidiary-icasga-executes-amendment-to-allow-for-friendly-termination-of-its-natal-airport-concession\/","title":{"rendered":"CAAP Announces Its Subsidiary ICASGA Executes Amendment to Allow for Friendly Termination of Its Natal Airport Concession"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>CAAP Announces Its Subsidiary ICASGA Executes Amendment to Allow for Friendly Termination of Its Natal Airport Concession<\/b><\/p>\n<p>LUXEMBOURG&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<b>Corporaci\u00f3n Am\u00e9rica Airports S.A. (NYSE: CAAP)<\/b>, (\u201cCAAP\u201d or the \u201cCompany\u201d) the largest private sector airport concession operator in the world by number of airports, announced today that its subsidiary Infram\u00e9rica Concession\u00e1ria do Aeroporto de S\u00e3o Gon\u00e7alo do Amarante S.A. (\u201cICASGA\u201d) executed an irrevocable amendment for the termination of the concession agreement of the International Airport of S\u00e3o Gon\u00e7alo do Amarante (\u201cNatal Airport\u201d). Upon transfer to a new operator, an indemnification payment will be made to ICASGA, which will be determined by authorities, primarily based on non-amortized capital expenditure investments. The amendment and termination is limited to the Natal Airport concession.\n<\/p>\n<p>\nThe process to terminate the concession agreement of the Natal Airport was initiated on March 5, before the pandemic broke in LatAm, with the goal of transferring the concession of this airport to a different operator. The Ministry of Infrastructure in Brazil has already started the feasibility studies for the new concession, although the new auction has not yet been scheduled. In the interim, ICASGA will maintain all airport operations, with the same safety and service quality, as well as commercial and employment contracts, and will continue to work with the Government of Rio Grande do Norte to attract new flights and destinations to the region.\n<\/p>\n<p>\nThis process is carried out strictly in compliance with the existing Brazilian legal and regulatory framework.\n<\/p>\n<p>\nMr. Mart\u00edn Eurnekian, CEO of Corporaci\u00f3n America Airports, noted: \u201c<i>The so-called friendly termination of the concession of Natal Airport is the best course of action for all stakeholders, as the operation of this airport has become financially challenging given the current concession framework and the impact on passenger traffic from adverse economic conditions in Brazil. In the meantime, we will continue to fulfill all our contractual obligations, serving passengers and partners, as well as executing all the contracts in force with employees and airlines, and we remain committed to assist when a new company takes over the management and operations.<\/i>\u201d\n<\/p>\n<p>\nSeveral factors drove the Company\u2019s decision to seek return of this concession, including the negative impact on passenger traffic as a result of the 2016 and 2017 economic crisis. In addition, passenger tariffs lag those of all other privatized airports in the country under the same tariff scheme, and air navigation tariffs charged in other airports are approximately 300% higher than in Natal Airport.\n<\/p>\n<p>\nNatal Airport was the first airport in Brazil transferred to the private sector, in 2011, and the first greenfield federal airport built by the private sector. It began operations in May 2014, providing the local population and visitors a new, modern and comfortable facility. As of December 2019, the total amount of investments in Natal Airport was approximately R$ 700 million in nominal terms.\n<\/p>\n<p><b>About Corporaci\u00f3n Am\u00e9rica Airports<br \/>\n<br \/><\/b>Corporaci\u00f3n Am\u00e9rica Airports acquires, develops and operates airport concessions. Currently, the Company operates 52 airports in 7 countries across Latin America and Europe (Argentina, Brazil, Uruguay, Peru, Ecuador, Armenia and Italy). In 2019, Corporaci\u00f3n Am\u00e9rica Airports served 84.2 million passengers. The Company is listed on the New York Stock Exchange where it trades under the ticker \u201cCAAP\u201d. For more information, visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Finvestors.corporacionamericaairports.com&amp;esheet=52332875&amp;newsitemid=20201119006371&amp;lan=en-US&amp;anchor=http%3A%2F%2Finvestors.corporacionamericaairports.com&amp;index=1&amp;md5=230f14e31bc68d01e0f3122d5ad65f3e\">http:\/\/investors.corporacionamericaairports.com<\/a>.\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20201119006371r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20201119006371\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20201119006371\/en\/<\/a><\/span><\/p>\n<p><b>Investor Relations Contact<\/b><span style=\"font-weight:normal\" \/><br \/>Gimena Albanesi<br \/>\n<br \/>Email: <a rel=\"nofollow\" href=\"mailto:gimena.albanesi@caairports.com\">gimena.albanesi@caairports.com<br \/>\n<\/a><br \/>Phone: +5411 4852-6411\n<\/p>\n<p><b>KEYWORDS:<\/b> Europe Luxembourg United States North America New York<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Air Destinations Transport Travel<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20201119006371\/en\/654446\/3\/CAAP_logo_Transparente_2.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>CAAP Announces Its Subsidiary ICASGA Executes Amendment to Allow for Friendly Termination of Its Natal Airport Concession LUXEMBOURG&#8211;(BUSINESS WIRE)&#8211;Corporaci\u00f3n Am\u00e9rica Airports S.A. (NYSE: CAAP), (\u201cCAAP\u201d or the \u201cCompany\u201d) the largest private sector airport concession operator in the world by number of airports, announced today that its subsidiary Infram\u00e9rica Concession\u00e1ria do Aeroporto de S\u00e3o Gon\u00e7alo do Amarante S.A. (\u201cICASGA\u201d) executed an irrevocable amendment for the termination of the concession agreement of the International Airport of S\u00e3o Gon\u00e7alo do Amarante (\u201cNatal Airport\u201d). Upon transfer to a new operator, an indemnification payment will be made to ICASGA, which will be determined by authorities, primarily based on non-amortized capital expenditure investments. The amendment and termination is limited to the Natal Airport concession. The process &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/caap-announces-its-subsidiary-icasga-executes-amendment-to-allow-for-friendly-termination-of-its-natal-airport-concession\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;CAAP Announces Its Subsidiary ICASGA Executes Amendment to Allow for Friendly Termination of Its Natal Airport Concession&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-385754","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>CAAP Announces Its Subsidiary ICASGA Executes Amendment to Allow for Friendly Termination of Its Natal Airport Concession - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/caap-announces-its-subsidiary-icasga-executes-amendment-to-allow-for-friendly-termination-of-its-natal-airport-concession\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CAAP Announces Its Subsidiary ICASGA Executes Amendment to Allow for Friendly Termination of Its Natal Airport Concession - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"CAAP Announces Its Subsidiary ICASGA Executes Amendment to Allow for Friendly Termination of Its Natal Airport Concession LUXEMBOURG&#8211;(BUSINESS WIRE)&#8211;Corporaci\u00f3n Am\u00e9rica Airports S.A. (NYSE: CAAP), (\u201cCAAP\u201d or the \u201cCompany\u201d) the largest private sector airport concession operator in the world by number of airports, announced today that its subsidiary Infram\u00e9rica Concession\u00e1ria do Aeroporto de S\u00e3o Gon\u00e7alo do Amarante S.A. (\u201cICASGA\u201d) executed an irrevocable amendment for the termination of the concession agreement of the International Airport of S\u00e3o Gon\u00e7alo do Amarante (\u201cNatal Airport\u201d). Upon transfer to a new operator, an indemnification payment will be made to ICASGA, which will be determined by authorities, primarily based on non-amortized capital expenditure investments. The amendment and termination is limited to the Natal Airport concession. 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(NYSE: CAAP), (\u201cCAAP\u201d or the \u201cCompany\u201d) the largest private sector airport concession operator in the world by number of airports, announced today that its subsidiary Infram\u00e9rica Concession\u00e1ria do Aeroporto de S\u00e3o Gon\u00e7alo do Amarante S.A. (\u201cICASGA\u201d) executed an irrevocable amendment for the termination of the concession agreement of the International Airport of S\u00e3o Gon\u00e7alo do Amarante (\u201cNatal Airport\u201d). Upon transfer to a new operator, an indemnification payment will be made to ICASGA, which will be determined by authorities, primarily based on non-amortized capital expenditure investments. The amendment and termination is limited to the Natal Airport concession. 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