Deputy general director for economy and finance of Sheremetyevo International Airport Dmitry Kalinin
Photo: Dmitry Lebedev
| Other Photos |
 |
|
 |
Airport Wants to Sell Stock
The state-owned Sheremetyevo Airport is beginning preparations for an IPO, airport general director Mikhail Vasilenko said yesterday. The IPO is expected to be ready next year, at which time investors may be able to buy at least 25 percent of the airport's stock. The airport estimates its current value at $1.5-2 billion. If the government approves the move, Sheremetyevo will be the first publicly-held airport in Russia.
A Ministry of Transportation spokesman said that the ministry supports the airports plans. Transportation Minister Igor Levitin is the chairman of the board of OOO Sheremetyevo International Airport. Igor Grechukhin, department head at the Ministry of Economic Development and Trade said, however, that the airport is on the list of strategic enterprises confirmed by the president and there are no plans to privatize it next year. “The idea of a Sheremetyevo IPO may be timely for discussion in 2008 for implementation in 2009,” he said.
The consolidated proceeds of the airport in 2005 was 17.6 billion rubles under international accounting standards. Its net profit was 679 million rubles. It EBITDA indicators are not made public and its debts on credits as of December 31, 2005, was 839 million rubles.
Analysts say that, if investors can be convinced of the airport's development prospects and that there are no political risks in it, the stock sale should be a success. “Considering that it will be the first airport to hold an IPO, Sheremetyevo can count on a successful placement and interest from portfolio investors,” stated vice president of the MRP Group Grigory Menshykh. “The ability of Sheremetyevo International Airport to place its stock successfully will depend on convincing investors has development prospects and will be independent of state projects and federal financial programs,” said Boris Rybak, general director of the Infomost company.
www.kommersant.com
All the Article in Russian as of Feb. 08, 2007
|
|
|
