Changi Airport Group has exposure to 4 airports in Russia

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 (Mar 9).

CAI holds a 30 per cent stake in Transport AMD-2 Limited (TAMD2) - a holding company in Russia that wholly owns 3 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 Mar 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 4 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.

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL

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 Minister of Finance.

READ MORE: 

• Ukraine crisis clouds Singapore's outlook, sanctions on Russia planned

• Singapore imposes sanctions on Russia, blocking certain bank transactions and exports: Vivian

• Malaysia rules out imposing unilateral sanctions on Russia

• CAG unit green-lights re-auction of concession for Rio de Janeiro airport