Changi Airport Group announces subsidiary's exposure to Russia

Changi Airports International holds a 30 per cent stake in a Russian holding company that wholly owns three airports in Russia. PHOTO: ST FILE

SINGAPORE (THE BUSINESS TIMES) - Changi Airport Group (CAG) has an interest in several Russian airports through its wholly owned subsidiary Changi Airports International (CAI), the group disclosed in a bourse filing on Wednesday (March 9).

CAI holds a 30 per cent stake in Transport AMD-2 Limited (TAMD2) - a holding company in Russia that wholly owns three airports in the country: Sochi International Airport, Krasnodar International Airport and Anapa International Airport.

TAMD2 also holds an indirect stake in Russia's Vladivostok Airport, which is located near Artyom, Primorsky Krai.

In reference to Singapore's March 5 announcement of sanctions against Russia, CAG said it will comply with all legal and regulatory obligations applicable to the group and its subsidiaries, including sanctions.

It believes the evolving Russia-Ukraine conflict - and the global response to it - may potentially impact the underlying operations of the four Russian airports mentioned, as well as their value.

The group said it is monitoring the situation closely, and that it is assessing the impact of these developments on its investments in Russia.

It does not expect its exposure to Russia to have an adverse impact on the group's ability to meet its financial obligations to noteholders.

CAI is the consultancy and investment arm of CAG, a subsidiary of the Ministry of Finance.

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