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Changi Airports International, Basic Element and Sberbank sign MoU

1-Nov-2011 9:50 AM

Changi Airports International (CAI), Basic Element Group, and LLC Sberbank Investments signed (31-Oct-2011) a MoU to form a joint venture to invest in and develop airports in Russia that will be used for the 2014 Winter Olympics in Sochi. CAI will hold 30%, Basic Element will hold 50% plus one share, and LLC Sberbank Investments will hold 20% minus one share in the joint venture. The creation of the joint venture is targeted to be completed in 2Q2012. It is subject to due diligence and final negotiations between the parties and approval by the regulatory authorities. Russian state-controlled lender Sberbank will invest USD120 million and Changi Airports USD200 million in the project. [more - original PR]

CAI: “We are delighted with the partnership with Basic Element and Sberbank. The Russian market holds enormous potential. We look forward to a strong partnership to develop the airports in the Krasnodar region. Changi Airports International brings extensive experience in managing and consulting for airports overseas. In addition, it hopes to transfer the experience and expertise of Changi Airport Group in managing Changi Airport to this joint venture,” CEO, Lim Liang Song.