Airport shares on a high, Zurich Airport soars as it prepares to sell down its stake in Bangalore
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.
Competitor, Vienna Airport, also gained 4.8% yesterday while Fraport and Aeroports de Paris closed 3.6% higher.
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
