THAILAND. Airports of Thailand (AOT) said today that it has updated King Power International Group (Thailand)’s commercial concessions to reflect the delayed opening of the new Midfield Satellite Terminal (SAT-1) at Bangkok Suvarnabhumi Airport.
Last October, in light of the COVID-19 pandemic and the anticipated recovery of passenger traffic by 2024-25, AOT decided to move the opening of SAT-1 from October 2022 to April 2023.
King Power subsidiaries King Power Duty Free Company (KPD) and King Power Suvarnabhumi Company (KPS) each have concessions in the new satellite, due to open at the time of the SAT-1 official opening.
With the deferral, the AOT Board of Directors today “resolved to approve the modification of terms and conditions of concessions granted to KPD to operate duty free shops, and to KPS to manage commercial activities, in alignment with the schedule for the opening of SAT-1 Terminal at BKK,” a statement read.
Contracts for the facility will be updated from the current term of 1 April 2022 to 31 March 2032 to align with the new start date. AOT will hand over the operations of these spaces at least six months ahead of the terminal opening, according to the airport company.
AOT said it will collect office and state property rents, building service charges and property taxes of the operating areas in SAT-1 Terminal from KPD and KPS from the official opening date.
AOT added: “However, the postponement of time for the handover of SAT-1 Terminal at BKK causes no effect on the collection of annual minimum guarantees that must be paid by KPD and KPS to AOT.”
