Copenhagen Airports in China venture

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Copenhagen Airports has been selected as a strategic partner in connection with the flotation of the Chinese airport operator Hainan Meilan Airport Co and has signed an agreement buy 20% of the company's shares at a price not exceeding HK$515m ($66m)

The deal is conditional on the airport company's IPO which is due in a few weeks, but Copenhagen vice president investor relations Flemming Peterssen told TRW: "It is a key to China to a certain extent. We have to start somewhere and we see this as a good opportunity. We will certainly look at becoming more active in the region if this project develops in line with expectations."

Hainan Meilan Airport Co has also signed a ten-year contract under which Copenhagen Airport Development International will provide advisory services to Meilan airport in relation to capacity utilisation and expansion, airport operation and the development of retailing.

Meanwhile Copenhagen Airports has concluded a shareholders' agreement with a majority of the other shareholders of Hainan Meilan Airport Co, in relation to the management and regulation of the business of Hainan Meilan Airport Co.

Since it opened in 1999, Meilan airport has grown from 2.2m passengers to 5.1m passengers in 2001. The airport is now the eighth largest in China, located on the tourist island of Hainan.