Basic Element, Sberbank and Changi Airports Form Business Partnership
OREANDA-NEWS. June 27, 2012. Basic Element Group, one of Russia's leading diversified business groups, Sberbank of Russia, the largest bank in Russia, and Changi Airports International, a wholly-owned subsidiary of Changi Airport Group, one of the leading airport operators in the world, in the framework of the St. Petersburg International Economic Forum, have signed a joint venture agreement to invest in and develop airports in Russia.
Basic Element will hold 50% plus one share, Changi Airports International (CAI) will hold 30% and JSC Sberbank will hold 20% minus one share in the joint venture.
Basic Element will contribute to the joint venture shares of the airports in the
The purpose of the joint enterprise is to further develop these airports in the
Oleg Deripaska, CEO of Basic Element, said "We are pleased to co-operate with Sberbank and Changi Airports International. Basic Element has already done a lot to develop airports in the
German Gref, President and Board Chairman of Sberbank, said, "The participation of Sberbank in this newly created joint venture is an integral part of our investment strategy. We see great potential for increased added value in the
Lim Liang Song, CEO of CAI said: "This partnership is a strategic step for Changi Airports International in the Russian market. We are glad to join Basic Element and Sberbank in the further development of the airports of the