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ISTANBULTAV Airports Holding, the Turkish group active in airport construction and operations projects, has announced it will establish two associated companies in Saudi Arabia.
The TAV board decided to found the Tibah Airport Operations Company in partnership with Al Rajhi Group CJSC and Saudi Oger Limited in Saudi Arabia, the Turkish party said in a filing to the Istanbul Stock Exchange (İMKB) Dec. 29.
The name of the limited company to be founded may change, however, and will have to be approved by the Saudi Ministry of Commerce in Medina, TAV said.
The Turkish group will own 51 percent of the new company, investing 100,000 Saudi Riyals in capital. Al Rajhi Group CJSC and Saudi Oger Limited will hold a 24.5 percent stake each.
In another filing to the İMKB, TAV said it will set up a second Tibah Airport Development Company or a limited firm under another name to be approved by the Saudi Ministry of Commerce in Medina, in partnership with Al Rajhi Group CJSC and Saudi Oger Limited. The said companies will have equal stakes in Tibah Airport Development Company with invested capital of 99,000 riyals.
TAV signed a contract for developing and running the Medina Airport Oct. 30.