Auto-Estradas do Baixo Tejo and Estradas de Portugal reached an agreement over the terms of the renegotiation
August 23, 2012
An agreement has been reached between AEBT, 25% owned by TIIC, and the Grantor, EP – Estradas de Portugal, over the terms of a Memorandum of Understanding that will guide the renegotiation of the terms of the Sub-concession Agreement duly signed on January, 24th, 2009.
The main purpose of such renegotiation is to reduce the scope of the original Agreement by eliminating not only the construction, operation and maintenance of ER 377-2, between Costa da Caparica and Fonte da Telha as well as the initially planned improvements on Avenida do Mar but also the operation and maintenance and the construction of additional ways in some of the programmed roads. The consequent savings expected by the Grantor are estimated to reach about 240 million Euros, calculated at current prices, for the whole 30 years period of the Sub-concession. The above alterations will only take place as from 2014 and are not expected to imply any reduction of the originally anticipated investment by the shareholders.
The renegotiation will also have no effect on the initial contractual balance between the Parties and will guaranty, therefore, the global remuneration forecasted in the Base Case of the Sub-concession Agreement and is also subject to the agreement of the European Commission, the Tribunal de Contas.