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Tocumen Airport will pay no dividends for 2 years


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Tocumen Airport will pay  no dividends for 2 years

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Posted 12/09/2021

The  Panama State will not receive income from part of the operation of the Tocumen International Airport during 2021 and 2022.

The drop in passenger movement and the number of flights due to the measures by the Covid-19 pandemic continues to affect the income of the state-owned airport corporation.

Raffoul Arab, manager of Tocumen, said that the airport does not have the financial index established in the bond issues to transfer dividends to the State.

Between 2015 and 2019, Tocumen paid $118.4 million in dividends.

As of last June, the airport's revenue had decreased 15% compared to the first six months of 2020.

In early August, Tocumen closed a debt issue for $1.855 billion. Of this total, just over 1.4 billion were used to refinance the debt held by the airport and the rest will be used to increase the liquidity of the air terminal.

Given the drop in revenue projected for 2022, Tocumen plans to renegotiate the transfer of funds that it must make to other entities, such as the Civil Aviation Authority.

 

https://www.newsroompanama.com/business/tocumen-airport-will-pay-no-dividends-for-2-years-1

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A $1 billion airport boondoggle

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Posted 17/09/2021

What begins badly does not end well, and that is precisely what has happened with the new Tocumen terminal, a work that Odebrecht built for an exorbitant amount, typical of all the projects from which it took money to pay bribes to servers public of Panama and abroad. The terminal should have been delivered years ago, but it has been granted so many addenda to the contract that, if there is no halt, it will end up delivering it when the planes will go electric. The latest modification to the contract gave it a five-month delivery period that ends precisely this month. The work did not pass a technical inspection, in which 10,547 situations were discovered that the company must correct before delivering the project, and which entail an outlay of $ 9.7 million for Odebrecht. But Odebrecht has already announced that, for the umpteenth time, they will not be able to meet the deadline. So the patience ran out: Tocumen, SA could administratively resolve the contract, a decision that comes years late, although it is better late than never. It is an investment of almost $1, billion, whose administration has been chaotic and irresponsible on the part of all the governments that took part in the project. LA PRENSA, Sep.17.

 

https://www.newsroompanama.com/business/a-1-billion-airport-boondoggle

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