The government of Qatar agreed to buy a stake in Pulkovo

The Qatari sovereign Fund Qatar Investment Authority (QIA) will acquire the German company Fraport AG is 10.5% of the company Thalita Trading Ltd., whose “daughter” is the company “Northern capital gateway” (VVSS) that manages Pulkovo airport in St. Petersburg. This is stated in a press release on the website of Fraport AG.

The report States that the company will reduce its stake in Thalita Trading Ltd. from 35.5% to 25%. On the basis of carrying value, Fraport AG expects to receive from the sale of the shares from €30 to €40 million and the Deal should be closed in the second half of 2016. The decrease in the share will not affect the control of the German company in the project.

QIA also plans to increase its stake to 24.99% in Thalita Trading Ltd., by purchasing shares from other partners.

Chairman of the Executive Board Fraport AG Stefan Schulte said that the coming deal will broaden the shareholder base of the consortium and strengthen Pulkovo for the meeting with the changes and opportunities of the future. “Despite the current difficulties in Russia, we continue to see this as an attractive market,” added Schulte

Since the start of SCD traffic of Pulkovo has increased from 8.4 million people in 2010 to 13.5 million in 2015. Then the airport took the fourth place among Russian airports in terms of passenger traffic. The governing Pulkovo VVSS comprises VTB Capital, Fraport AG and Copelouzos Group.