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Basic Element, Sberbank and Changi Airports International form airport business partnership

25-Jun-2012 10:54 AM

Singapore Changi Airports International, a wholly owned subsidiary of Changi Airport Group, Basic Element Group and Sberbank of Russia, signed (22-Jun-2012) a joint venture agreement to invest in and develop airports in Russia. Basic Element will hold 50% plus one share, Changi Airports International (CAI) will hold 30% and JSC Sberbank will hold 20% minus one share in the joint venture. Basic Element will contribute to the JV shares of the airports in the Krasnodar region including airports of Sochi, Krasnodar, Anapa and Gelendzhik. The total value of the assets exceeds USD500 million. The purpose of the joint enterprise is to further develop these airports in the Krasnodar region, to improve levels of service for passengers and air carriers, increase capitalisation of the assets and to also expand the portfolio of airport assets. [more - original PR]