The transfer of the concession of the only airport in the country, Mother Theresa Airport at Rinas to the largest company in the country, Kastrati Group, has been completed, according to Monitor.
The transaction is registered in the National Business Center (NBC) and “Kastrati group” is the 100% shareholder of “Tirana International Airport”, which manages the concession of the international airport “Mother Teresa”.
“Kastrati Group” bought the shares from “Real Fortress Private Limited”, owned by the Chinese financial services group “China Everbright”, which in April 2016 had signed the agreement for the purchase of concession rights at Tirana International Airport.
The agreement between “Kastrati Group” and “Real Fortress Private Limited” was signed on December 1, 2020, and registered at the National Business Center on December 18.
Under the contract, the Kastrati group will pay a total of EUR 71 million in two instalments.
The Chinese financial services group China Everbright, had bought in 2016 the concession rights at Tirana International Airport, through its subsidiary “Real Fortress Private Limited” for 82.25 million euros, according to the official contract. The concession rights were purchased by three shareholders Albanian-American Enterprise Fund “AAEF”, DEG-Deutsche investitions- und Entëicklungsgesellschaft mbH “(” AviAlliance GmbH “), who had signed a concession agreement with the Albanian government in 2004.
“Tirana International Airport” until 2019 was one of the most profitable enterprises in the country, with a profit rate of up to almost 50%., according to Monitor.
Kastrati is the largest group in the country, with the main activity in the field of retail and wholesale of hydrocarbons, but in recent years it has diversified, mainly in insurance, in the construction and tourism sector and is now entering the air transport, through the airport.
Kastrati Group also owns 50% of the shares of Albanian Highway Concession, which manages the concession of National Road. Exit News also revealed they were the beneficiaries of the as-of-yet unopened Kukes airport. The Group also has a percentage in the Durres Port.