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Russian govt going to turn Moscow’s Vnukovo airport over to public ownership

January 05, 2014, 18:33 UTC+3 MOSCOW

The federal government owns 74.74% in the OAO Vnukovo Airport and 25% plus one share in the OAO Vnukovo International Airport

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© ITAR-TASS/Zurab Dzhavahadze

MOSCOW, January 05, 18:21 /ITAR-TASS/. Russian government has published a resolution on turning over to public ownership the two companies related to Moscow’s third-largest airport, Vnukovo. A resolution on the privatization of OAO Vnukovo Airport and OAO Vnukovo International Airport was drafted by the Ministry of Economic Development and signed December 30, 2013.

The resolution says, among other things, that the Russian government’s program for federal properties privatization in the years 2014 through to 2016 envisions an ending of the government’s shareholding in the OAO Vnukovo International Airport and OAO Vnukovo Airport prior to 2016 with appropriate account of the previous decisions taken by the President and government of the Russian Federation on development of the Moscow airline hub.

At present, the federal government owns 74.74% in the former company and 25% plus one share in the latter. According to the authors of the resolution, privatization of the joint-stock company will build up the revenues of the federal budget.

Privatization will be accompanied by consolidation of other assets related to the airport - ZAO Fuel and Refueling Company, ZAO Vnukovo Investment Company, OAO Vnukovo Invest, and OOO Aviatekhinvest. The carve-out of shares will be handled by OOO Renaissance Broker that will organize and effectuate it on behalf of the Russian Federation.

Invitation of an investment bank for organizing the carve-out of shares currently locked in federal ownership has been endorsed by the federal government. OOO Renaissance Broker was selected under the guidelines approved by the Ministry of Economic Development proceeding from the experience gained by the contractor and from the criterion of the minimal size of required remuneration, the resolution says.

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