The document has been drafted by the Russian Ministry of Economic Development.
According to the planned forecast (programme) for the privatisation of federal property and the 2014-2016 federal property privatisation guidelines approved by the Russian Government Directive No. 1111-r of 1 July 2013, the Russian Federation will cease its participation in the charter capitals of the Vnukovo Airport and International Vnukovo Airport share-holding companies before 2016 in view of the decision made by the President of the Russian Federation and the Government regarding the strategic development of the Moscow aviation hub.
At present, the Russian Federation owns 74.74% of the Vnukovo Airport company, and 25% plus one share of the International Vnukovo Airport company.
Under the instructions from the Russian President of 24 June 2013, the issue of establishing a managing company (airport operator) in each airport of the Moscow aviation hub must be worked out to consolidate the property necessary for the effective operation of the respective airports.
Concerning Vnukovo airport, asset consolidation includes the assets of the Aviation Fuel Company, Fuelling Service Company, Vnukovo Investment Company, Vnukovo-Invest and Aviatekhinvest, along with the International Vnukovo Airport company and the Vnukovo Airport company.
In order to secure the interests of the Russian Federation in the consolidation of the Vnukovo Airport assets, the Directive calls for the involvement of the Renaissance Broker company in arranging and completing on behalf of the Russian Federation the carve-out of federally-owned shares of the International Vnukovo Airport company and the Vnukovo Airport company.
The involvement of an investment bank in arranging the federally-owned share carve-out of the aforementioned companies has been approved by the Instruction of the Russian Government.
The Renaissance Broker company has been selected in accordance with the procedures approved by the Russian Ministry of Economic Development, taking into account the company’s experience and lesser commission for holding the sales.
The privatising of federally-owned shares will increase budget revenues from privatisation and will create conditions for changing the model of corporate management.
