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.”
READ MORE:Russian beer giant taking Carlsberg to court – Kommersant
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.
For more stories on economy & finance visit RT’s business section
ENB Top News ENBEnergy DashboardENB PodcastENB Substack
Stuart Turley is President and CEO of Sandstone Group, a top energy data, and finance consultancy working with companies all throughout the energy value chain. Sandstone helps both small and large-cap energy companies to develop customized applications and manage data workflows/integration throughout the entire business. With experience implementing enterprise networks, supercomputers, and cellular tower solutions, Sandstone has become a trusted source and advisor. He is also the Executive Publisher of www.energynewsbeat.com, the best source for 24/7 energy news coverage, and is the Co-Host of the energy news video and Podcast Energy News Beat. Energy should be used to elevate humanity out of poverty. Let’s use all forms of energy with the least impact on the environment while being sustainable without printing money. Stu is also a co-host on the 3 Podcasters Walk into A Bar podcast with David Blackmon, and Rey Trevino.
Stuart is guided by over 30 years of business management experience, having successfully built and help sell multiple small and medium businesses while consulting for numerous Fortune 500 companies. He holds a B.A in Business Administration from Oklahoma State and an MBA from Oklahoma City University.
Energy News Beat