The decision by Mexican President Andres Manuel Lopez Obrador’s government to unilaterally change the way airports charge service fees has made a billionaire behind one operator the biggest immediate loser.
Fernando Chico Pardo, the 71-year-old former chief executive of Carlos Slim’s Grupo Financiero Inbursa and founder of private equity firm Promecap, holds a 23.2% stake in Grupo Aeroportuario del Sureste, which operates the lucrative region that includes tourist hotspots like Cancun.
Chico Pardo’s net worth took a $300 million hit on Thursday from the 17% decline in shares of Asur, as the company is known. Asur and Mexico’s two other publicly traded airport operators flagged a change in the tariff system in regulatory filings late Wednesday. Chico Pardo’s stake in the company is currently worth $1.4 billion.
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