GAP uncertain of timeline for NMIA takeover
Published:Tuesday | January 22, 2019 | 12:00 AM
The Mexican
The takeover, according to Grupo Aeroportuario del Pacífico, or GAP – which translates to Pacific Airport Group – could be as far as a year away.
“These figures do not include the integration of the Kingston airport in Jamaica, since the date on which the company expects to take control of this asset could vary, could come early or could extend towards the end of 2019,” said GAP in its latest financial report. GAP operates 12 airports based in Mexico and also holds a majority stake in MBJ Airports Limited, which operates the airport in Montego Bay.
30-YEAR CONCESSION
GAP acquired the 74 per cent stake in Sangster from Spain-based Abertis Group in April 2015, while the minority stake remains with Canada-based Vantage Group. Then, in late 2018, the Mexican company was announced as the winning bidder to manage the Norman Manley International Airport, NMIA, in Kingston. It will result in GAP managing the two largest of Jamaica’s three international airports.
Under the 30-year concession for NMIA, GAP is expected to invest US$100 million to modernise the airport. The airport operator said in its stock market filings that it plans to spend US$60 million on the airport in the first three years of the concession.
The current works under way at the Montego Bay airport include an extension of the runway and the upgrading of amenities for passengers and airline crew. Earlier this month, MBJ Airports signed a US$40-million (J$5 billion) loan with Scotiabank Jamaica to finance the works at the airport.