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TAV Airports to buy-back shares

Posted 16 March 2020 · Add Comment

TAV Airports will initiate share buy-back in order to contain the effect of fluctuations in markets due to the coronavirus pandemic.

 

TAV Airports President&CEO Sani Şener said: “The coronavirus pandemic and related precautions resulted in a decrease in passenger traffic at the airports we operate around the world. Due to the fact that we’re in the low season, the effect of this traffic decrease had a limited effect on our financial performance to date. On the other hand, the pandemic has serious implications for the global tourism and aviation industry and this has reflected negatively in our share price. In order to confirm our confidence in our company, our Board has decided to initiate a share buy-back up to TRY 200 million. We believe that the effects of the pandemic will be contained in coming weeks and the aviation industry will have a quick recovery, as we witnessed in prior incidents.”

 

TAV had served 8.5 million passengers in the first two months of this year, with a 3% decrease compared to the same period in 2019. In the same period, the total international passenger traffic in TAV’s portfolio increased by 13% while the domestic traffic decreased by 13%. 

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