Vnukovo will go private

Photo by Leonid Faerberg / transport-photo.com

The Russian government is reducing its stake in Moscow’s airport business. Following transactions at Sheremetyevo Airport, which will reduce the state-owned share of the airport from 83% to a little over 31%, a similar scheme is being implemented at Vnukovo.

The state will exchange 74.74% of its share in Airport Vnukovo JSC for 25.12% of Vnukovo International Airport. In turn, private stake-holders will invest into Vnukovo International Airports parts of their shares in four entities: Vnukovo Alliance, Silvany, Unox and Vnukovo Investment Company, which are responsible for airport reconstruction, infrastructure development, etc. Vnukovo International Airport will issue additional shares, which will be exchanged for these contributions from state and the private investors.

Within five years from the moment in which these assets are consolidated in Vnukovo International Airport, the state supposedly will sell off its entire stake in Vnukovo, with the airport’s private stake-holders having priority purchase rights, as is the case with Sheremetyevo.

Consolidation and privatisation of Vnukovo’s assets is in line with the Moscow Aviation Cluster Development Program.