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Behgjet Pacolli's company takes full control of the Vlora Airport concession

2023-01-12 18:22:51Biznes SHKRUAR NGA REDAKSIA VOX
Behgjet Pacolli's company takes full control of the Vlora Airport
Behgjet Pacolli

The company of the businessman from Kosovo, Behgjet Pacolli, has bought the majority of the shares in the concession company that is building the International Airport of Vlora.

At the end of December, the company Mabco Constructions SA has bought 40% of the shares in the company Vlora International Airport from the Turkish partner YDA Insaat Sanayi ve Ticaret.

According to the contract, the value of the sale and purchase of the shares is 4450 euros. The stated amount is slightly higher than the nominal value of the shares that were controlled by the Turkish company. After buying the shares held by the Turkish company, Mabco Constructions owns 98% of the shares in the company, while the rest is held by 2A Group, a construction company from Kosovo owned by businessman Valon Ademi.

Currently, the Vlora International Airport concession company has a paid-up shareholder capital of only 10 thousand euros, while the first phase of the works, during 2021, was financed with a loan of approximately 5 million euros from the main shareholder, Mabco Construction. Further, in 2022, the investment is believed to have been mainly financed by a loan taken from the National Commercial Bank (BKT). At least based on the company's financial statements, so far the entire equity and loan contribution has been financed by Mabco Construction, while other shareholders do not appear to have poured in any direct financing.

The public private partnership contracts between the Albanian government and the winning consortium were concluded in April 2021 and the investment value foreseen in the contract is around 103 million euros (without VAT). However, the contract provides financial guarantees in favor of the investor from the Albanian government. In case the minimum income foreseen in the business plan of the airport operation is not realized, the concessionaire company will benefit an amount that can reach up to 138 million euros during the 10 years after the start of the airport operation. The contract foresees that the airport will be completed in 2024 and start operations in 2025. In October of this year, the completion of the airport runway was announced, while the construction of the passenger terminal is expected to begin in 2023.

According to the Albanian government, Vlora Airport is expected to be the largest in the Balkans and its runway will enable the operation of large aircraft for intercontinental flights. However, the construction of this airport has raised great concerns related to the environmental impact. The airport is being built in Novosela, Vlora, within the area of ​​the Vjosë-Nartë protected area. According to environmentalists, the construction of the Airport and the auxiliary infrastructure seriously affects the entire biodiversity of the protected area. In fact, in November last year, some of these organizations filed a lawsuit against the realization of the project in the Administrative Court./E.Shehu./Monitor


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