Yesterday, Airport announced that it has reached a debt settlement agreement with the government with regards to the RM1.01 billion debts owing by Airport to the government. The debt is to be settled by way of cash payment of RM508 million and the balance will be offset against the sale of its 100% equity interest in NECC Sdn Bhd by Airport to the Minister of Finance for RM159.63 million as well as Airport's undertaking the funding of certain projects such as the expansion of a low-cost carrier terminal (which is supposed to borne by the government as the assets owner). In addition, the government has agreed to raise the passenger service charges ('PSC') or commonly known as the airport tax to RM65 for international passengers from RM51, currently.
With this announcement, it is no surprise that the share price of Airport shot up today. Looking at the chart below, we can see that the immediate resistance is the horizontal line of RM2.35 and thereafter the medium-term downtrend line of RM2.60.
Chart: Airport's weekly chart as at Feb 12, 2009 (source: Quickcharts)
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