GUADALAJARA, Mexico--(BUSINESS WIRE)--Grupo Aeroportuario del Pacifico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) (the “Company” or “GAP”) announced that, following highly competitive bidding process, the Company was selected by the Government of Jamaica as a “provisional Preferred Bidder” to operate, modernize and expand the Norman Manley International Airport (“KIN” ) located in the city of Kingston, via 25-year concession agreement.
Although GAP received notification of its status as provisional preferred bidder, certain terms within the concession agreement remain to be defined with the Government of Jamaica.
Once the pending terms are established, GAP will inform to the market the terms and general conditions of this transaction.
During 2017, the Kingston airport registered passenger traffic of 1.6 million, representing 27% of the country’s total passenger traffic, while the Montego Bay International Airport (“MBJ”), which is part of GAP, served the remaining 73%. 70% of passenger traffic comes from the U.S. and Canada, 16% from the Caribbean and 14% from Europe. Jetblue Airways is the main operator with 24% if total passenger, followed by Caribbean Airlines with 23%, American Airlines with 19%, and Cayman Airways with 6%. The main routes are New York, Fort Lauderdale, Miami, Toronto, Atlanta and London.
The airport has a passenger terminal of approximately 10,000 square meters and a runway that is 2,716 meters long, with capacity for long-range aircraft.
The operation of the Kingston airport represents a strategic decision for the Company, that is in line with the vision of expanding and diversifying GAP’s airport network.
Company Description:
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates 12 airports throughout Mexico’s Pacific region, including the major cities of Guadalajara and Tijuana, the four tourist destinations of Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and six other mid-sized cities: Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali and Los Mochis. In February 2006, GAP’s shares were listed on the New York Stock Exchange under the ticker symbol “PAC” and on the Mexican Stock Exchange under the ticker symbol “GAP”. In April 2015 GAP acquired 100% of Desarrollo de Concesiones Aeroportuarias, S.L., which owns a majority stake of MBJ Airports Limited, a company operating the Sangster International Airport in Montego Bay, Jamaica.
This press release may contain forward-looking statements. These statements are not historical facts, and are based on management’s current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words “anticipates,” “believes,” “estimates,” “expects,” “plans” and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial conditions, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.
In accordance with Section 806 of the Sarbanes-Oxley Act of 2002 and article 42 of the “Ley del Mercado de Valores”, GAP has implemented a “whistleblower” program, which allows complainants to anonymously and confidentially report suspected activities that may involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party that is in charge of collecting these complaints, is 01-800-563-0047. The web site is http://www.lineadedenuncia.com/gap. GAP’s Audit Committee will be notified of all complaints for immediate investigation.
