Fraport Receives First Payment for Manila Terminal Project

Frankfurt (FRAPORT) - The Philippine government has made a first partial compensation payment of 3,002,125,000 Philippine pesos (about US$60 million) to PIATCO terminal company, in which Fraport AG holds a 30-percent share. Of this amount, some US$29 million were transferred to Fraport AG's account in Frankfurt today. Part of this amount is the redemption of a loan which Fraport granted to PIATCO. The remainder of this initial payment was used for the reduction of other PIATCO liabilities. The definitive total amount of compensation shall soon be determined with the help of independent experts.