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Malaysian group wants Clark airport, offers to invest $150m

A Malaysian consortium has offered to invest $150 million to develop the Diosdado Macapagal International Airport in Clark Freeport in Pampanga province.

Bristeel Overseas Ventures Inc., comprising of publicly-listed conglomerates based in Malaysia, said it was interested to enter into a joint venture agreement with Clark International Airport Corp. to develop and expand of the DMIA Terminal 1 with a passenger capacity of seven million annually.

“We have been studying this project for over a year now, and we believe that the expansion of the airport’s terminal is now urgently needed to lure in the entry of more international airlines and boost the position of DMIA as the next major gateway of the Philippines,” Bristeel representative William Chee said in a statement.

“We recognize that one of the priority programs of the Philippine government is to attract foreign direct investments into the Philippines. This project is in direct response to that policy and an expansion of our confidence in the Philippine economy,” Chee said.

DMIA is host to several foreign budget carriers, including Tiger Airways of Singapore, Air Asia of Malaysia and Asiana Airlines of Korea and local airlines like Cebu Pacific Air, South East Asian Airlines (Seair) and Spirit of Manila Airlines.

Chee said Bristeel would be composed of Malaysia’s construction giants with extensive experience in multi-billion dollar infrastructure projects, including airports and railways in different countries around the world.

He said the members include Malaysia Resources Corp. Berhad and Malaysia Airports Holdings Bhd.

Malaysia Resources is one of the largest property development and investment companies in Malaysia. It is credited for its award-winning landmark project, Kuala Lumpur Sentral (KL Sentral)—a “city within a city” built around Malaysia’s largest transit hub, offering global connectivity, excellent investment opportunities, business convenience and international lifestyle.

Malaysia Airports, meanwhile, has developed at least 70 domestic and international airports within and outside Malaysia, including the newly built $3.5-billion Kuala Lumpur International Airport.

“We will provide all the funding requirement, but we are even willing to enter into a management agreement with CIAC that will allow it virtually to continue to operate and manage the passenger terminal facility to avoid dislocation of its employees,” Chee said.

He said his group was confident of completing the DMIA project within two years from the approval of its proposal.

Chee said his group would upgrade DMIA airport, expand its aircraft ramp areas, develop access road networks and vehicle parking facilities and install vital equipment. Joyce Pangco Pañares, Rendy Isip and Cecille Garcia

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Wednesday, July 7, 2010 Investment and business opportunities, News




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