Warsaw's Modlin airport seeks new investors

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External investors are being sought by the owners of Warsaw's second airport in Modlin, as the low-cost gateway prepares to reopen in July after a brief operational period in 2012.

The airport's operating company, Spółka Port Lotniczy Warszawa Modlin, wants to attract a financial investor to become an additional shareholder through newly issued bonds, says the state-owned Polish airport operator Przedsiębiorstwo Państwowe Porty Lotnicze (PPL).

The raised capital would be used for the further development for Modlin airport, it adds.

PPL operates the main Warsaw Chopin hub and has 30.4% share in Modlin airport, which is located approximately 40km northwest of the Polish capital.

The other shareholders in the former air force base are Poland's defence property agency AMW (34.4%), the Mazovia province (30.4%) and the town of Nowy Dwór Mazowiecki, in which Modlin is located.

There have been talks with a number of potential investors in the Modlin airport, says PPL. But the operator adds that the search for new shareholders has just been started, and the timeline and transaction price have yet to be finalised.

Modlin airport opened in July 2012, but closed again in December due to surface damage on the 2,500m (8,200ft) runway. This was due to substandard construction work during the modernisation of the runway, which had previously been used only by comparatively light aircraft, says the airport.

Ryanair and Wizzair are the only two airlines to have operated from the airport, using Boeing 737s and Airbus A320s respectively.

Modlin airport plans to finish the runway repairs by 18 June and reopen for scheduled flights on 1 July.

The two low-cost carriers remain the only customers, but Modlin airport says it is talking to other airlines.