Nature of the asset
Woomyunsan Tunnel is a 3.0 km, dual two-lane toll tunnel under Mount Woomyunsan providing a direct route between the Seoul suburb of Seocho and the satellite cities of Kwachon and Anyang in Gyeonggi province. Construction on the tunnel began in August 1998, and it began operations in January 2004.
nature of the investment
MKIF has invested in Woomyunsan Infraway Co., Ltd. (WIC), the concessionaire of Woomyunsan Tunnel, in the form of equity. MKIF is a 36.0% shareholder of WIC and provided subordinated loan of KRW9.6 billion. MKIF's total investment in WIC is KRW20.3 billion.
Concession agreement
| Government authority: | Seoul Metropolitan City |
|---|---|
| Concession term: | 30 years (24 years remaining) |
| Guarantee duration: | 30 years |
| Concession term commencement: | January 2004 |
| Minimum Guarantee*: | 79%1 of annual CA projected revenue |
| Revenue Cap*: | 110% of annual CA projected revenue |
* All revenue sharing excess of 79% to 85% and excess 110% Partial revenue sharing excess of 90% to 110%
179% up to 2023 and 78% from 2024 to 2034
Facilities
| Length: | 3.0 km |
|---|---|
| Capacity: | 4 lanes in both directions |
| Toll rate: | KRW 2,000 - Small vehicles |
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