|
|
Article: FRAPORT AG DENIES IPO FUNDS USED FOR MANILA TERMINAL PROJECT.
- Article from:
- AsiaPulse News
- Article date:
- March 20, 2002
CopyrightCOPYRIGHT 2002 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
(Full text of a statement. Contact details below.)
FRANKFURT/MAIN, March 19 /News Aktuell-AsiaNet/ --
In response to today's report in the German newspaper Handelsblatt, Fraport AG explained that no funds from the company's initial public offering (IPO) have flown into the terminal project in Manila, the Philippines. Rather, the IPO proceeds were invested or used for debt repayment. Since the end of 2000, Fraport AG has not made any additional funding available to the Piatco project company in Manila.
The auditing company KPMG prepared an evaluation of the Manila project's risk position as of the end of 2000. Fraport AG has taken the study's ...