Addu airport stake sold to Champa Afeef’s Kasa Holdings
06 Nov 2012, 2:19 PM
An agreement was signed last night to sell 30 percent of the Addu International Airport Company Pvt Ltd (AIA) to tourism pioneer ‘Champa’ Hussain Afeef’s Kasa Holdings to raise finances to develop the Gan airport in Addu City.
AIA is a joint venture formed by the Gan Airport Company Ltd (GACL), Maldives Airports Company Ltd (MACL) and the State Trading Organisation (STO).
The airport infrastructure and facilities in the uninhabited Gan island of the southernmost Seenu atoll was leased to the government-controlled consortium for 50 years with a mandate to develop and operate the asset as an international airport.
The agreement to sell a 30 percent stake in AIA for MVR 60 million (US$3.9 million) was meanwhile signed on behalf of the company by Managing Director Shahid Ali – also Managing Director of STO – and ‘Champa’ Mohamed Moosa on behalf of Kasa Holding.
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