Russian President Vladimir Putin has signed a decree paving the way for the privatization of Sheremetyevo Airport. According to the document, the air hub is excluded from the list of strategic enterprises. This is a necessary condition for the sale of the state's stake.
During privatization, it is necessary to maintain the airport's core business and prevent the transfer of securities to foreign ownership or to persons controlled by them. The state will receive a special right to participate in the airport's management – the so-called "golden share".
Roman Gusarov, editor-in-chief of the AVIARU portal, noted that he sees nothing unusual in this. The airport has been managed by private entities and will continue to be managed by them, especially since the state retains a "golden share," which will allow it to assist in making strategic decisions if necessary.
The airport is a very good and profitable asset for many years and decades, the expert reminded. Moreover, the air hub recently acquired Domodedovo, and a quarter of the shares were resold to Vnukovo Airport.
If the state sells its stake, the value of these shares will be determined by both the value of Sheremetyevo and the ownership of the lion's share of Domodedovo Airport. So, in my opinion, the timing is more than opportune to, in general, get rid of what is essentially an unnecessary package for the state. Well, why hold it if the airport is already effectively managed by private companies, is developing, and today it is the number one airport in all respects.
The expert found it difficult to name the estimated value of the state's stake in Sheremetyevo Airport. The controlling shareholder is Sheremetyevo Holding, and Rosimushchestvo owns just over 30% of the airport.
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