17 August 1992
Roger Watts Esq HM Treasury Parliament Street London
SWIP 3AG
HKA 182/4
Pa
Fil.. Cepud to FED
ECCD
PO Box 2200
2 Exchange lower Harbour Exchange Square London E14 96$
Fax 071-512 7649 Telex 290350 ECGD HQ G Telephone 071-512 7000
Direct 071-512 7308
Dear Roger
MACAU AIRPORT
1 Siemens Plessey (SP) and Amec are members of 2 of the 3 consortia selected to make final bids for this project worth up to 300m. The third consortium is led by Spie Batignolle of France. The UK content amounts to $61m (SP) or $79.5m (Amec). The buyer/borrower is Compantia De Aeroporto de Macau (CAM). The shareholders in CAM are 33 1/3% Government of Macau, 33 1/3% STDM, local company with extensive interests in tourism and gambling, 22 2/3% Interfina of
of Portugal, 8 1/3% Chong Luen, 2% Tai Fook Wey, Hong Kong.
2
CAM have offered the following security
a
b
for a loan repayable by 1999
1
joint and several guarantees from the shareholders of CAM
ii shortfall guarantee of the Government of Macau
for a loan under which repayments would go beyond 1999
i
corporate guarantee from CAM
ii shortfall guarantee from the Government of Macau (until 1999 only)
Following advice from the Chairman of the Export Guarantees Advisory Council we have agreed support on the security at 2a up to a total exposure of £35m
£35m on the
7