Third time lucky for sale of 13.93% stake, following two failed attempts last year (166 words)

Published: 11/26/2001

The Russian Federal Property Fund has reported that, on 16th November, the sale of 13.93% of Ekaterinburg-based Ural Airlines took place, although the fund's spokesperson refused to disclose how much the stake was sold for and who had bought it, on the grounds that the sale had yet to be signed off by the head of Urals department of the Russian Federal Property Fund. Other sources within Svedlov Regional government have indicated that a price of $1m was achieved which, if true, is a substantial premium over the reserve price for the holding of Rb14.58m ($0.50m). The sale follows two previous failed attempts to dispose of the stake in May and August 2000 when no bids were made. Most commentators attributed this to the fact that the airline is currently controlled by management, through a subsidiary company, Ural Wings, which holds a 50.9% share.

Article ID: 2925