FRANKFURT/MAIN (Germany) 11. 8. 2003 (PROTEXT/ots) - FraportAG (FSE: FRA) Frankfurt Airport Services Worldwide and theShanghai Airport Group have signed as a first step of itspartnership a letter of intent concerning the founding of ajoint-venture company in China. Fraport's CEO, Dr. WilhelmBender, and his Chinese colleague, Wu Nianzhu, have agreed thatthis joint-venture company will commence work before the end ofthe year.
Both partners will hold a 50-percent share in the new ventureand the contract will run 20 years. Based in Shanghai, the newcompany will focus on airport consulting and staff training. Thecapital investment will be limited to approximately 200,000.Further possibilities for cooperation between the Frankfurt andShanghai airports are being currently examined and cooperation isexplicitly desired by both parties.
A first cooperation agreement had been signed at the end of2002. When experts of both airport companies met in March 2003it was agreed to examine the set-up of a joint-venture companywith specific focus on the marketing of airport know- how inChina. Decision-makers in both companies still have to approvethe agreement. Furthermore, the partnership agreement needs tobe signed and the new company has to be registered under Chineselaw.
For More Information, Please Contact: Fraport AG FrankfurtAirport Services Worldwide Attn: Robert A. Payne - ManagerInternational Press 60547 Frankfurt am Main, Germany Tel.: +4969.690.78547 Fax: +49.69.690.60548 E-mail:r.payne@fraport.de Internet: www.fraport.com
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