13.93% to be sold by regional property fund

Published: 4/10/2000

A regional representative of the Federal Property Fund for the Ekterinburg region has officially confirmed the intention of the fund to sell off its 13.93% holding in Ural Airlines. The airline recorded a flat performance for passenger traffic in 1999, carrying 480,000 passengers and was ranked by the FSVT as the 10th largest carrier in Russia. The flat volume figure was a late recovery in the last two months of the year with passengers down by 1.4% at the ten months stage according to figures published by the Association of Air Transport Operators. The auction of a package of 22,233 shares in the Kolstovo based airline will occur before the 18th of May with a reserve of 18m rubles. According to reports the auction will be open to all, with no restrictions on purchasers and resale. The airline is currently owned by a number of shareholders including, Krylya Urala (Ural Wings), a Ekaterinburg company which owns 50.4%, Uraltransbank 14.7%, Federal Property Fund 13.9% and by the 1255 employees of the airline.

Article ID: 1602