MOSCOW - Russian tycoon Oleg Deripaska,
state lender Sberbank and Singapore's Changi airport will create an airport
business joint venture aimed at developing airports that will be used for the
2014 Winter Olympics in Sochi.
The three parties said in a joint statement
that Deripaska's Basic Element investment group will hold 50 per cent plus one
share in the joint venture, Changi Airport will hold a 30 per cent stake, and
Sberbank will get 20 per cent minus one share.
Basic Element, the biggest shareholder in the
world's largest aluminum group UC Rusal, said it already owns a cluster of
airports in the Black Sea resort town of Sochi and the southern Krasnodar
region and now wanted to improve their capitalization.
Russia will host both the Winter Olympics in
2014 and the soccer World Cup four years later, and desperately needs to
improve infrastructure including roads, hotels and airports ahead of the two
global sporting events.
Sberbank Chief Executive German Gref said the
bank would invest US$120 million (S$150 million) in the joint venture, while
Changi said it would inject US$200 million (S$250 million).
"It is a financial investment for us. We
do not manage airports and do not intend to," Gref told reporters, adding
that the bank would look to exit in five to seven years - possibly via an
initial public offering (IPO).
"We see great potential for value
increase in Krasnodar region airports, especially in view of the upcoming 2014
Olympic Games in Sochi, as well as the World Cup that Russia will be hosting in
2018," he added.
The joint venture is expected to be completed
in the second quarter of 2012, subject to final negotiations and regulatory
approval.
Reuters
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