A presidential decree has transferred stakes in St. Petersburg’s Pulkovo to a domestic entity
President Vladimir Putin signed an order on Thursday transferring all the rights of St. Petersburg’s Pulkovo Airport from foreign shareholders to a new Russian entity.
Under the presidential decree, stakes in the Cyprus-registered company that manages the airport in Russia’s second-largest city will be consolidated in a new domestic company.
“100% of shares in the authorized capital of the LLC Air Gates of the Northern Capital (AGNC) owned by Thalita Trading Limited are subject to transfer to the ownership of the company AGNC Holding in the manner and on the terms determined by the government of the Russian Federation,” the decree states.
Existing shareholders, which include a consortium with German airport operator Fraport, the Qatari wealth fund, and Abu Dhabi sovereign fund Mubadala Investment Co., will retain their stakes but won’t be able to vote.
The decree also provides the stakeholders with the possibility to restore their voting rights “upon their application, subject to the conclusion of corporate agreements with other participants in the company and upon the assumption of obligations to comply with Russian legislation.”
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German airport operator Fraport, the Qatar Investment Authority, and Russia’s VTB Bank each hold about a 25% stake in Pulkovo.
The decision was made because of the “threat to the national interests and economic security of the Russian Federation resulting from the violation of obligations by certain foreign legal entities,” the order states.
According to the document, the implementation of the decree will not lead to “economic benefits” for the new managing entity and its participants, emphasizing that they do not need to obtain any additional permits or approvals from the Russian authorities.
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