(PR NEWSWIRE) King Power International Announces Concession Extension
King Power International Announces Concession Extension
BANGKOK, Thailand, Aug. 21 /PRNewswire/ -- King Power International Group
Co., Ltd. (Amex: KPG) today announced that its subsidiary -- King Power
Duty-Free Co., Ltd. has signed a five-year contract extension for the concession
of general merchandise and souvenirs in the International Passenger Terminals of
Bangkok International Airport. The extension will be extended from December 31,
2001 to December 31, 2006.
The concession fee averages a 3.65 percent increase per year of the life
of the contract.
"We are very pleased to be able to continue our working relationship with
the Airports Authority of Thailand. I firmly believe the contract extension will
give our investors continued confidence in our plans for growth and expansion of
our duty free and tax free operations," said Vichai Raksriaksorn, Chairman and
CEO of King Power.
KPG is the largest Asian, publicly traded operator of duty-free and
tax-free retail stores, with 49 locations, primarily in airports throughout
Thailand. KPG's stores provide a wide variety of brand name merchandise,
including liquor, perfumes, tobacco, cosmetics, leather goods, watches and other
quality products free of duties, excise taxes and value-added tax of Thailand,
resulting in a significant savings to customers. The Company holds two of three
exclusive licenses granted by the Airports Authority of Thailand. KPG currently
controls more than 60 percent of the duty-free and 100 percent of tax-free
market in Thailand's airports.
Note: News releases and other information on King Power Group can be
accessed at www.kingpower.com and www.kingpowerinternational.com on the
Internet.
The above information contains certain forward-looking statements and
information relating to the Company that is based on the beliefs of the Company
or management as well as assumptions made by and information currently available
to the Company or management. When used in this document, the words
"anticipate," "believe," "estimate," "expect," and "intend" and similar
expressions, as they relate to the Company or its management, are intended to
identify forward-looking statements. Such statements reflect the current view of
the Company regarding future events and are subject to certain risks,
uncertainties and assumptions, including the risks and uncertainties noted.
Should one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary materially from
those described herein as anticipated, believed, estimated, expected or
intended. In each instance, forward-looking information should be considered in
light of the accompanying meaningful cautionary statements herein. Factors that
could cause results to differ include, but are not limited to, successful
performance of internal plans, the impact of competitive services and pricing,
and general economic risks and uncertainties.
SOURCE King Power International Group Co., Ltd. 08/21/2000
CONTACT: Shirley Thompson, President, or Rita Tuttle, Vice President - Director
of Investor Relations of Carl Thompson Associates, Inc., 800-959-9677
or 303-665-4200, for King Power International Group Co., Ltd.
Web site: http://www.kingpower.com
http://www.kingpowerinternational.com
(KPG)
CO: King Power International Group Co., Ltd.; King Power Duty-Free Co., Ltd.
ST: Colorado, Thailand
IN: HOU REA AIR
SU: CON
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