Singapore's Changi Invests In Russian Airports

June 22, 2012

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Singapore's Changi Airport said on Friday it has teamed up with Russia's Sberbank and Basic Element Group to invest in Russian airports.

Russian tycoon Oleg Deripaska's Basic Element will hold 50 percent plus one share in the venture. Changi Airport unit Changi Airports International will take 30 percent, while JSC Sberbank will hold 20 percent minus one share.

Basic Element will contribute to the joint venture shares of the airports in the Krasnodar region including airports of Sochi, Krasnodar, Anapa and Gelendzhik. The total value of the assets exceeds USD$500 million, Changi said in a statement.

Basic Element is one of Russia's largest business groups whose interests include energy, manufacturing, financial services and construction.

Sberbank is Russia's largest bank, while Changi operates Singapore's main airport and has stakes in various airports around the world including Italy's Aeroporti di Roma.

(Reuters)