The client, Saudi Civil Aviation Holding, however, has yet to confirm if an equity sale is the preferred method for the sale of the airports minority stake.
It is understood other options that the client can consider include an initial public offering (IPO) and trade sale.
US-based Goldman Sachs was recently appointed to advise Saudi Civil Aviation Holding in the kingdoms first airport stake sale.
TAV and its local partner Al-Rajhi Holding have a 50:50 shareholding in Tibah Airports, after they purchased Saudi Ogers 33.3 per cent shareholding in the firm that operates and manages the Prince Mohammed bin Abdulaziz International in Medina.
The Medina airport is commonly referred to as the first airport public private partnership (PPP) in the kingdom although the Hajj Terminal at King Abdulaziz International airport in Jeddah was also procured on a 20-year build, operate, transfer (BOT) scheme.
Earlier this year, the TAV/Al-Rajhi team won the build, transfer, operate (BTO) agreements for the airports in Yanbu, Qassim and Hail.