EGM called to approve purchase

Published: 3/8/2000

Sibir seems to be in the process of concluding the purchase of a Tu-204-100, under an agreement it has been operating with Perm Airlines since December 1999. Perm has been providing the flight crew while Sibir crews are being trained in Ulyanovsk to fly the seven-year-old aircraft. The aircraft is currently operating on the Novosibirsk -Moscow route, replacing the Tu-154M, and is part of a broader alliance, concluded last October between Perm and Sibir, on servicing medium and long haul routes. The cost of the acquisition requires Sibir to call an EGM on 30th March to vote on the purchase of Perm Airline's only Tu-204-100. According to the company statutes, the company's shareholders, who are made up of employees, the state and investment companies, must approve any purchase above a specified level. The meeting is unconnected with the agreement, concluded in mid-November 1999, between the governors of Perm, Novosibirsk and Tatarstan on the leasing of the Tu-214, when certified, through a leasing arrangement with KAPO and Perm Avialeasing. The agreement, when implemented, is intended to lease three PS-90A powered Tu-214s, under a contract reported to be worth $38m over ten years, although details of the deal have not been made public.

Article ID: 1647