Tolmachevo Airport increases its authorised capital to reflect value of airport

Published: 1/27/2000

The Board Of Directors of OAO Airport Tolmachevo, in Novosibirsk, has approved an increase in its authorized capital from 622,000 to 124,440,000 rubles, reflecting the revaluation of the company"s assets in January 1999, which has been approved by an EGM of the company"s shareholders. The new stock will have a par value of 20 rubles, rather than the previous 0.1 ruble. The reason for the delay in increasing the authorized capital lies in the long running debate between the federal authorities and the regional government over the airport"s ownership. This led to the failure of the privatization tender in October 1999, but there has been intense speculation about the interest of Siberian airline, Sibir, which is based at the airport, and whose General Director, Filov, joined the board last November. Given that the board has approved the increase in capital, it appears that some agreement has been reached between the Federal Property Fund and Novosibirsk Region, despite the dispute being reported as being unresolved at the beginning of December 1999. Sibir"s interest in the profitable airport is likely to remain and, even if the regional government has wrested control back from the federal authorities, it is going to find that its major customer will be looking for control, regardless of the views of the regional governor, who is not one of Sibir"s greatest supporters.

Article ID: 1371