EBRD to sell 9.9% stake in Ukraine International Airlines to Austria-based UIA.

By bne IntelliNews June 7, 2010
The European Bank for Reconstruction and Development intends to sell its 9.9% stake in Ukraine International Airlines (Kyiv) to UIA Beteiligungsgesellschaft mbH (Austria). Anton Usov, the spokesman for the Kyiv office of the EBRD, has announced. According to Usov, when the bank acquired shares in Ukraine International Airlines it undertook to sell the shares to an Austrian strategic investor after a certain period. Austrian Airlines has played the role of a strategic investor in Ukraine International Airlines recently; it owns 22.52% of the shares in Ukraine International Airlines through UIA Beteiligungsgesellschaft mbH. He stressed the fact that the EBRD had owned shares in Ukraine International Airlines for more than 10 years, which is far longer than the period for which the bank usually holds minority shares in companies. Usov added that the strategic investor could have requested to buy the shares from the EBRD earlier, but it did not do so because the presence of the bank among the shareholders of the airline company was in line with the strategic investor's vision of the strategy for development of the airline company. He added that the sale of the shares is presently being processed, but he was unable to specify when the process will be completed. Ukraine International Airlines was founded in 1992. The state owns 61.58% of the shares in Ukraine International Airlines (the State Property Fund manages these shares), UIA Beteiligungsgesellschaft mbH (Austria) owns 22.52%, and the European Bank for Reconstruction and Development owns 9.93%.

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