Airport Authority Welcomes HKSAR Privatization Plan

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Last updated at: (Beijing Time) Thursday, August 07, 2003

Airport Authority Welcomes HKSAR Privatization Plan

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Airport Authority Hong Kong (AA) welcomed Wednesday the announcement by the Hong Kong Special Administrative Region HKSAR) government to privatize the AA, the statutory body charged with the responsibility to manage and operate Hong Kong International Airport (HKIA).

"The initial public offering (IPO) plan marks an important milestone in the AA's history, said AA Chairman Victor Fung Kwok-king.

He added that privatization will reinforce the authority's first class airport operations under market discipline and furtherstrengthen the HKIA's continued development as an international aviation hub.

He said it will also enable the investing public to participatein the growth and success of the HKIA.

Fung said, "the HKIA is an important engine for economic development. The people of Hong Kong have entrusted us with this precious asset and it is our responsibility to maximize its returns so we all can be proud of it."

AA Chief Executive Officer David Pang said the AA has always operated on prudent commercial principles and has enjoyed a steadygrowth in profits in the past three years with increased turnover and improved productivity.

"SARS has hit us very hard in the first quarter, but we believe that the SARS impact is only temporary. Our fundamental strength has not changed, our track record proven and the outlook of our business remains positive," Pang said.

He said privatization generally takes about 18 months to prepare, and the AA would be working closely with the government in all the legal and financial aspects of the privatization process.

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