Deputies of the Belgorod Regional Duma approved the acquisition of the additionally issued shares in OJSC Air Gates of Belogoriya (name as per Articles) for RUB 970 million, the Belgorod Regional Duma informed.
"This decision, initially meant to facilitate raising investments for financing the reconstruction of the airport complex, will now bring us closer to another strategic goal of restoring regional control over the company: the deal will increase Belgorod region's interest in OJSC Air Gates of Belogoriya from 25% to 52%," the Duma points out.
It will be recalled that two years ago, the financially distressed airport was transferred into the ownership of Belgorod region. Later, the regional government decided to sell its shares to the private company Air Gates of Belogoriya in which the region only secured a quarter of shares. This decision channeled investors' funds into the reconstruction of the major strategic facility. Furthermore, successful completion of the construction project brought funds amounting to RUB 970 million from the federal government. The decision to invest these funds in the airport was made at a session of the regional Duma.