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Construction firm Saudi Oger could reduce its stake in Medina airport operator
Construction group Saudi Oger is in talks with Turkey's TAV Airports to sell half of its shares in a company that manages Medina's international airport, the Turkish firm said in a statement.
TAV Airports, Saudi Oger and Saudi Arabia's Al-Rajhi Holding Group are the three main stakeholders of Tibah Airports Development Company, which has been managing Medina airport since 2012 under a 25-year concession that expires in 2037.
"TAV Airports has started negotiations with Saudi Oger Ltd. to purchase half of its 33.3 percent shares of Tibah Airports Development Company ("Tibah Development") which is 33.3 percent held by our company," TAV Airports said in a statement sent to Zawya on Thursday.
The deal would allow TAV Airports, which also operates Istanbul's largest airport of Ataturk, to raise its stake in Tibah Development to 50 percent. Medina airport is one of Saudi Arabia's busiest, serving 5.8 million passengers in 2015, according to the statement.
(Reporting by Yasmine Saleh)
© Zawya 2016
