Russia's AiRUnion to consider BÉT listing
Friday, December 9, 2005, 18:10
Russia's largest airline union, AiRUnion is planning to become the second-largest airline in the country in 2006 and is seriously contemplating to enter the Budapest Stock Exchange (BÉT), Boris Abramovich, the majority owner of Hungarian-Russian Airbridge said on Friday.
The merger process of the union, which consists of five airlines - KrasAir Airlines, Domodedovo Airlines, Samara Airlines, Omskavia Airlines and Sibaviatrans Airlines -, is underway and the merged company should start operating in mid-2006 after a three-phase procedure. AiRUnion has also started talks with oneworld, the world's leading airline alliance.
Before cancelling the planned sell-off of Malév, Hungary's State Privatisation and Holding (ÁPV) Rt was in talks with KrasAir-led consortium Airbridge Rt, which is 51% owned by Hungarian investors and 49% by well-known Russian businessman Boris Abramovich. Airbridge was established by AiRUnion.
AiRUnion, which has a fleet of over 100 aircraft, is to carry 4 million passengers this year. The alliance plans to collect $850-$900 million in revenues in 2005.