Office of Public Service Management
Grand Turk
Turks & Caicos Islands
Ph: (649) 946-2702 or ext: 10318/10322
Fax: (649) 946-1582
Web: http://www.tcgov.tc

TCIAA

17th December 2009
PRESS RELEASE

TCIAA ACQUISITION OF PAC ASSETS

Recent Press releases informed the Public of the approval granted to Turks and Caicos Airports Authority (TCIAA) by the Governor and Advisory Council to pursue financing to facilitate the much needed Providenciales International Redevelopment project on the basis of full ownership by the Authority. This redevelopment will ensure that the airport satisfies International Civil Aviation Organisation (ICAO) regulatory requirements as well as existing and future capacity demands, all of which are essential to supporting our main industry – tourism.

The signing today of an asset purchase agreement between TCIAA, TCIG and Provo Airport Company (PAC) marks the return of a valuable national asset to the people of the Turks and Caicos Islands. Self financing of this project will be generated through the Airport users, 95% of whom are the tourists visiting the country. This process aims to provide a steady, continuous revenue stream to the Turks and Caicos Islands Government (TCIG), as well as allowing TCIAA to cover operational costs. The funds secured for the expansion project will be used solely for this purpose and are not otherwise available to TCIG.

The commitment of the Government and TCIAA towards this substantial redevelopment project highlights confidence in the Turks and Caicos Islands tourism industry and will help to secure tourism growth in the years to come. A detailed presentation on the scope of the airport expansion will be made to the general public in early 2010.

Note to editors:

This acquisition is by mutual agreement between CACL and TCIAA, the respective 65% and 35% shareholders. The value of the assets is as stipulated by the terms and formulae within the joint venture agreement- as verified by an independent accounting firm.