Fraport AG ‘evaluating’ minority share position in Pulkovo Airport operator

By Luke Barras-hill |

Fraport appoints Newmark Retail

Fraport AG has halted its business in St Petersburg.

Fraport AG is determining the extent to which international economic sanctions against Russia could affect the 25% shareholding held by the group in Pulkovo Airport (LED) operator Northern Capital Gateway.

In a statement issued today (4 March), Fraport says it is ‘evaluating’ the situation and ‘the conclusions that can be drawn for taking further action’.

Fraport has been a minority shareholder since 2010 after a 30-year concession agreement was signed by Northern Capital Gateway LLC, the city of St Petersburg and LED’s former operating company.

The terms of the concession contract precludes the sale of the Fraport stake.

ASSET RETRIEVAL

No Fraport personnel are active at LED, nor is the airport company engaged in any on-site activity or operations, which is the responsibility of Northern Capital Gateway’s management.

LED’s management board does not include any active or former employees of Fraport AG, adds the operator.

The airport operator is not involved in business activity in or with Russia. Pictured is Pulkova Airport in St Petersburg. Source: Pulkovo Airport.

As such, the minority stake in Russia is treated as an asset and Fraport confirms it ‘is doing everything possible to retrieve these’, which would otherwise be left in Russia.

Stefan Schulte, CEO, Fraport AG, commented: “There is no justification for the attack on Ukraine by Russian forces. We condemn this war for being an armed attack on a sovereign state and its people – a clear breach of international law that is causing unspeakable suffering to the people of Ukraine.

“The war brings indescribable suffering to the people of Ukraine. In these hours and days, our thoughts and sympathy are with the Ukrainians who are enduring so much pain.”

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