Airport Operator Asur's Chairman To Sell Shares

November 9, 2011

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Mexican airport operator Asur said on Tuesday its chairman and largest shareholder agreed to sell a chunk of the company's capital to bus company Autobuses de Oriente (ADO).

Grupo Aeroportuario del Sureste said Chairman Fernando Chico Pardo will sell 37,746,290 shares, or 13.6 percent of Asur's B shares, to ADO.

Chico Pardo is also selling 49 percent of the airport operator's BB shares, which are not publicly traded, to ADO.

The BB shares, which represent 7.65 percent of Asur's total capital stock, are currently held by an investment unit called Inversiones y Tecnicas Aeroportuarias (ITA), which is fully owned by Chico Pardo.

The deal, which is subject to approval by Mexico's competition watchdog, will leave Chico Pardo with 16.5 percent of the company's total capital stock, while ADO will have 16.3 percent.

Chico Pardo wants to sell the stock to repay loans, according to a statement from Asur. The statement did not give any details about the loans.

Asur, which operates the airport in the popular tourist resort of Cancun and eight other airports, last month reported a 64 percent jump in third-quarter profit, helped by rising passenger traffic.