Airport shares worldwide had a strong performance yesterday, led by Zurich Airport, which soared 8.2% following an announcement that it plans to reduce its shareholding in India’s Bangalore International Airport Ltd from 17% to just 5%.
Zurich Airport formally launched the Right of First Refusal Process with a valuation expectation for a 12% stake in BIAL shares of approximately EUR6.1 million on Monday (05-Oct-2009). The divestment process is expected to take four months.
In the Asia Pacific region, Australian Infrastructure Fund led the increase, gaining 3.9%. Moody’s assigned a 'BAA3' rating to Perth Airport’s bank facilities, with a 'stable' outlook. Macquarie Airports’ shares rose 3.0%. The investment fund announced a 0.4 ppt increase in its foreign ownership level to 36.4%.
Meanwhile, Japan Airport Terminal Co, went against the trend, easing 1.4%.
Selected airports daily share price movements (% change): 06-Oct-2009
Want more analysis like this? CAPA Membership gives you access to all news and analysis on the site, along with access to many areas of our comprehensive databases and toolsets.
Find out more and take a free trial.