On 1 October 2010, WCT was awarded the BOT Concession by Malaysia Airport Holdings Berhad (“MAHB”) via a Letter of Acceptance to undertake the Privatisation of the Development of an Integrated Complex and All Associated Works at the New Low Cost Carrier Terminal (KLIA2) (“Integrated Complex”) at the Kuala Lumpur International Airport (KLIA), Sepang, Selangor, Malaysia, on a Build-Operate-Transfer Model for a Concession Period of up to twenty-five (25) Years (“Concession”). Upon its expiry, the Concession Period may be extended for a further ten (10) years.
Pursuant to the Letter of Acceptance, WCT and MAHB jointly undertook the Concession via a special purpose vehicle (“SPV”) subject to the execution of the Concession Agreement upon such further terms and conditions to be mutually agreed upon. WCT’s and MAHB’s equity interest in the SPV are in the proportion of 70% and 30% respectively. Under the Concession:
1) WCT undertook the design, procurement, engineering, construction, completion, and thereafter, the operation, management and maintenance of the Integrated Complex for the duration of the Concession.
2) The Integrated Complex comprises the following:-
(a) Transportation Hub for Express Rail Link (“ERL”), buses, taxis and private transport
(b) Arrival Hall, Departure Hall, Food Garden and Shopping Mall with nett lettable area of approximately 34,757.10 m2 (“Landside Mall”); and
(c) 2 blocks of 8-storey car parks with up to 6,000 parking bays.
3) The construction cost of the Integrated Complex is estimated at approximately RM530 million which the SPV will finance partly via internally generated funds and partly by bank borrowings.
4) The construction of the Integrated Complex was completed on 31 July 2013.
