Luggage delivery system, Sheremetevo-2 airport, Moscow region.
Photo: Alexey Kudenko
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VTB Ready for a Stake in SVO-3, Foreing Investors Welcomed
Vneshtorgbank (VTB) intends to have a stake in the company to set up and manage Sheremetyevo-3 terminal, Interfax quoted VTB President, Board Chairman Andrey Kostin as saying.
The statement was made on Thursday, when the VTB and Sheremetyevo International Airport were sealing a cooperation agreement. The project budget is estimated between $350 million and $400 million, Kostin said.
In this or that form, the VTB will have interest in this project, Kostin said, specifying that the talks are underway to establish an entity, in which Russian banks and companies, including the VTB and Aeroflot, and perhaps, foreign partners, may have stakes.
Stock capital of such company will be rather significant, Kostin told the reporters later. The VTB may hold from 25 percent to 49 percent, “closer to a blocking stake.” It will depend on the actual quantity of machinery required for the project and on the loan amount. “I think the question will be settled in February,” Kostin said, when commenting on supposed dates to complete the talks.
Late January, the Board of Directors of Sheremetyevo Airport approved participation in construction of Sheremetyevo-3 terminal, which is to be built jointly with Aeroflot. To this effect, the Airport will buy out from Aeroflot 25 percent plus a stock in Terminal Co., set up to construct Sheremetyevo-3, and will be granted an option to widen the stake to a majority one, when such construction is completed.
VTB is the largest commercial bank of Russia in stock capital amount (42.1 billion rubles). State-run stake stands at 99.9 percent. As of October 1, 2004, VTB had 65.3 billion rubles in equity capital, net assets equaled 356.4 billion rubles.
Aeroflot is Russia’s No. 1 airline with the national carrier status. Russian government holds 51 percent, employees – 49 percent. Stock capital equals 1,110,616,299 rubles split into the common stocks, 1 ruble par each. Aeroflot stocks are quoted on Russia's RTS and MICEX. GDPs released for its stocks float on Frankfurt Stock Exchange (NX.plus).
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