Photo = Incheon International Airport Corporation

 

[Alpha Biz=(Chicago) Reporter Kim Jisun] Incheon International Airport Corporation announced on the 18th (local time) that it has signed a contract to develop and operate the Ninoy Aquino International Airport in Manila, the Philippines.

This project is an investment development project that is dedicated to the operation and maintenance of Manila Airport for up to 25 years from this year to 2049 and expands and improves facilities step by step. The Philippine government has pushed ahead with the project with a plan to increase the annual passenger capacity at Manila Airport from the current 33 million to 62 million.

The consortium was formed with Incheon International Airport Corp., San Miguel and a local financial investment firm. The consortium estimated that the cumulative sales expected during this business period would reach 36.9 trillion won (27.5 billion dollars), and the total project cost for airport operation and facility development would reach 4 trillion won (3 billion dollars). It is the largest overseas project won by Incheon International Airport Corporation.

Prior to signing the contract with the client, the consortium to which the corporation belongs established a local special purpose company (NNIC) in the Philippines to carry out the project. After six months of preparation for the acquisition, NNIC will take over from September this year and take charge of operation and facility development. Incheon International Airport Corp. holds a 10 percent stake in the corporation. We decided to sign a separate management consulting contract.

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