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Homepage » News» 13 december 2013     

Russian government approved the sale of UAC’s share in IFC to VEB Corporation
Russian Aviaton » Friday December 13, 2013 20:31 MSK

The decision on selling the share of United Aircraft Corporation (UAC) in Ilyushin Finance & Co. (IFC) leasing company to VEB State Corporation was approved by the Russian government, ITAR-TASS reports with reference to the Minister of Industry and Trade, Denis Manturov.

"There is a procedural matter and a corporate matter, - he said. – The corporate decisions have been taken; the corresponding decisions have been approved by authorities and the government. I can’t tell you about the current status of the deal, but no problems have been encountered so far".

UAC owns 49,4% of IFC’s shares, VEB-Capital - 21,39%, IFC CEO Alexander Rubtsov - 3,14%.

It was reported earlier that Alexander Lebedev’s companies should withdraw from IFC prior to the sale of UAC’s share to VEB. As of early 2013 Lebedev’s companies owned about 17,5% share in IFC. After selling the Red Wings airline owned by Lebedev, which operated jets leased from IFC, the National Reserve Bank (NRB) started to withdraw from IFC. In particular, in late September 2013 NRB reduced its share in IFC from 6,896% to 1,649%. However, the Lebedev’s National Reserve Bank reported on December 11th 2013 that it has increased its share in IFC from 1,65% to 5,44%.

IFC reduced its net profit (Russian Accounting Standards) 2.7 times in 2012 as compared to 2011 (the company’s net profit amounted to 244,4 million rubles), said in the company’s financial statement.

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