(QCOSTARICA) FCC and Bankvia have agreed to sell Globalvia, the concessionaire of Ruta 27 (San Jose – Caldera), to Khazanah Nasional Berhad, the strategic investment fund of the Malaysian government, Khazanah Nasional Berhad, for €420 millon euros.
FCC and Spanish banking conglomerate Bankia are joint owners of the concession management firm, each with a 50% stake of Globalvia, established in 2007, a company that manages 31 projects in seven different countries, including railways, hospitals, ports and highways such as the toll San Jose – Caldera in Costa Rica.
FCC recently sold 25% of its shares to Mexican billionaire Carlos Slim in an effort to reduce its debt burden.
The transaction is subject to a series of conditions that could result in the suspension of the agreement. These include the attainment of third-party approvals, as well as the agreement of holders of US$830m in bonds to convert them into Globalvia shares.
According to a statement to the press by the local subsidiary, “the acquisition is not yet firm and will not affect in any way the management and operation of the Ruta 27.”
Last week, Minister of Transport, Carlos Segnini, said the government will accept the road in its present condition (not fully complete), in order to pave the way for future expansion. Segnini said that by accepting the project as complete, the government can now enter negotiations for the expansion of the highway to four lanes.
Meanwhile, the government maintains a dispute with Globalvia, the case before an arbitration court, the government claiming US$44 million dollars in recognition of the increase in prices since 200 when the work was concessioned and the start of construction in 2008.
Globalvia has a 25 year and six month concession contract for the 78.6 kilometre road between San Jose and the Port of Caldera, Puntarenas, beginning in 2008. The road was officially inaugurated in January 2010 and opened months later*.