Airports Company South Africa derives value from aeronautical and non-aeronautical operations, including local and international investments. This is structured as follows:

100%-owned subsidiaries1Special purpose entities (SPE) 2
NameACSA Global LtdAirports Consultancy and Advisory Services SOC LtdJIA Piazza Park (Pty) LtdPrecinct 2a SOC LtdLexshell 342
Investment Holdings
(Pty) Ltd
Airport Management Share Incentive Scheme (Pty) LtdSakhisizwe
Purpose of existenceThe investment holding company through which Airports Company South Africa holds its 10% interest in the Mumbai International Airport Private Limited.  Read moreThe provision of airport consultancy and advisory
services to airports in South Africa and internationally.
This subsidiary will be leveraged to provide services for future prospects.
The holding company through which we operate the InterContinental Hotel at O.R. Tambo International Airport.A company through which we own approximately 250 hectares of land adjacent to O.R. Tambo International Airport. The strategy is to redevelop property for aeronautical and non-aeronautical purposes to grow revenue.An employee share option entity, wholly owned by the Airports Company South Africa Kagano Trust.3Employee share incentive scheme that holds investments (specifically Group ordinary shares).4Sakhisizwe is a special purpose entity that
seeks to transform the aviation industry by providing study bursaries to financially
and academically deserving students from
previously disadvantaged backgrounds.
Year of inception2006201619981998199919991996
Airports Company
South Africa
Other shareholders
and their respective
N/AN/AN/AN/AAirports Company
South Africa
Kagano Trust³
Airports Company Management Share
Incentive Scheme Trust
Equity injectionsR100NilR100R100NilNilNil
Net asset value at
R106 millionNil(R93 million)R106 million(R3 million)R17 millionR1 million

1 Subsidiaries are all entities including SPEs over which the Group has the power to govern the financial and operating policies, generally with a shareholding of more than half of the voting rights

2 An SPE is a ring-fenced subsidiary of the Group that isolates financial risk to the holding company

3 An The Airports Company South Africa Kagano Trust was formed under the Trust Property Control Act to administer the staff share scheme (until they were paid out in 2013) and to be a holding company with its two subsidiaries: Lexshell 342 and Lexshell 343. Lexshell 343, currently dormant, was specifically formed to hold Group share options should Airports Company South Africa list on the JSE. We intend repurchasing our ordinary shares from Lexshell 342 and possibly winding up the Kagano Trust, Lexshell 342 and Lexshell 343. The Kagano Trust is dormant and has no beneficiaries

Investments in joint ventures5 Investments in associates6
Airport Logistics Property Holdings (Pty) Ltd La Mercy JV Property InvestmentsMumbai International Airport Private LimitedGuarulhos International Airport Private Limited
Purpose of existence

A property holding company with the Bidvest Group that owns three distribution warehouses at O.R. Tambo International Airport and Cape Town International Airport.A land development and property investment company in collaboration with Dube Trade Port Corporation. Our strategy is to build an investment property portfolio at King Shaka International Airport – Dube Trade Port – through land-lease agreements.Private Limited – a company through which we hold a 30-year concession (with the option to renew for another 30 years) to develop, operate and maintain the Mumbai Airport. We have received an offer for our 10% shareholding from a third-party buyer and are currently going through the preemptive process with the existing majority shareholder, GVK.Private Limited – a company in which we hold a 20-year concession to develop, operate and maintain the Guarulhos International Airport in São Paulo. We also provided technical advisory and consultancy services for the first five years of the concession. The Technical Services Agreement terminated in 2017, due to effluxion of time.
Year of inception 2003 2009 2006 2012
Airports Company South Africa
50% 40% 10% 10.2%
Other shareholders
and their respective

Bidvest Holdings Ltd (50%)Dube Trade Port Corporation (60%) GVK (50.5%), Bidvest (13.5%), Airports Authority of India (26%)A joint venture between Investments e Participações em Infrastructura S.A (Invepar) (80%) and Airports
Company South Africa (20%), which together hold 51% of Guarulhos Participações S.A (GRUPar). The
other 49% is held by State-owned airport authority Infraero.
Equity injections Nil R38 million R347 millionR1.2 billion
Net asset value at
R77 million R163 million R4 billion (R926 million)

4Airport Management Share Incentive Scheme (AMSIS) exists only as a special purpose vehicle for the Management Trust and holds ordinary shares in Airports Company South Africa as an investment on behalf of its holding company, the Management Trust. The Management Trust is dormant and has no beneficiaries, as all beneficiary shares were bought back during 2009. We intend repurchasing our ordinary shares from AMSIS and thereafter possibly winding up the Management Trust and AMSIS

5 Joint ventures are entities over which the Group has joint control over the economic activity through a contractual planning arrangement. The Group recognises its interests in the joint venture using equity accounting

6 Associates are all entities over which Airports Company South Africa has significant influence but not control, generally with a shareholding of between 20% and 50% of the voting rights. Investments in associations are accounted for using the equity method of accounting and are initially recognised at cost