Grupo Aeroportuario del Pacifico Announces Government Action to Change Tariff Base Regulation

Rhea-AI Summary

Grupo Aeroportuario del Pacífico receives notification of changes to tariff base regulation

Positive

• GAP received a notification from AFAC informing that the tariff base regulation has been amended with immediate effect.
• GAP is evaluating the potential impact of the changes on its business, results of operation, and financial condition.

Negative

• None.

GUADALAJARA, Mexico, Oct. 04, 2023 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V., (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”). On October 4, 2023, GAP received a notification from the Federal Civil Aviation Agency (Agencia Federal de Aviación Civil, “AFAC”), a decentralized entity of the Mexican Secretary of Infrastructure, Communications, and Transport (Secretaría de  Infraestructura, Comunicaciones y Transporte, “SICT”), informing that has decided, unilaterally and without any previous communication with the Company, to amend with immediate effect the terms of the tariff base regulation (Bases de Regulación Tarifaria) set forth in Annex 7 of the concession agreements undertaken with the SICT on June 29, 1998, as amended, in connection with the airports GAP operates in Mexico’s Pacific region.

GAP is currently evaluating the potential impact that the changes to the tariff base regulation may have on its business, results of operation, and financial condition.

Company Description

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates 12 airports throughout Mexico’s Pacific region, including the major cities of Guadalajara and Tijuana, the four tourist destinations of Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and six other mid-sized cities: Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali, and Los Mochis. In February 2006, GAP’s shares were listed on the New York Stock Exchange under the ticker symbol “PAC” and on the Mexican Stock Exchange under the ticker symbol “GAP”. In April 2015, GAP acquired 100% of Desarrollo de Concessioner Aeroportuarias, S.L., which owns a majority stake in MBJ Airports Limited, a company operating Sangster International Airport in Montego Bay, Jamaica. In October 2018, GAP entered into a concession agreement for the Norman Manley International Airport operation in Kingston, Jamaica, and took control of the operation in October 2019.

	This press release may contain forward-looking statements. These statements are statements that are not historical facts and are based on management’s current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.

In accordance with Section 806 of the Sarbanes-Oxley Act of 2002 and Article 42 of the “Ley del Mercado de Valores”, GAP has implemented a “whistleblower” program, which allows complainants to anonymously and confidentially report suspected activities that involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party responsible for collecting these complaints, is 800 04 ETICA (38422) or WhatsApp +52 55 6538 5504. The website is www.lineadedenunciagap.com or by email at denuncia@lineadedenunciagap.com. GAP’s Audit Committee will be notified of all complaints for immediate investigation.

Alejandra Soto, Investor Relations and Social Responsibility Officer	asoto@aeropuertosgap.com.mx
Gisela Murillo, Investor Relations	gmurillo@aeropuertosgap.com.mx / +52 33 3880 1100 ext. 20294

 

FAQ

What notification did GAP receive?

GAP received a notification from AFAC informing that the tariff base regulation has been amended.

What is the potential impact of the changes on GAP?

GAP is currently evaluating the potential impact of the changes on its business, results of operation, and financial condition.