Shares of Corporación América Airports S.A. (CAAP), a Luxembourg-based airport concession operator, are gaining more than 33 percent or $1.05 in Tuesday's morning trade at $4.19.
Monday, Corporación América Airports said it signed an agreement to extend the AA2000 concession for a ten-year period from 2028 to 2038, as provided for under the existing concession agreement. The extension is part of an agreement entered by Aeropuertos Argentina 2000 S.A. or AA2000 and Organismo Regulador del Sistema Nacional de Aeropuertos (ORSNA) to mitigate the impact of COVID-19 in AA2000's operations.
It also includes the commitment by AA2000 of incremental capital expenditures of about $500 million to be undertaken between 2022 and 2027 for expansion projects.
Corporación América Airports has traded in a range of $1.61 to $6.50 in the past 52 weeks.
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