Aeroflot's Stockholders Approve of Purchasing Aeroplanes from French Airbus Industrie

During their extraordinary meeting yesterday, the stockholders of Aeroflot, Russia's largest air carrier, approved purchasing aeroplanes from the French Airbus Industrie consortium. The USD 313.6 million transaction is worth more than half of the company's present assets, which now amount to USD 550 million. According to the company's press service, the transaction was approved by 99.84% of the stockholders present.

The renovation of its fleet will allow Aeroflot to pay less in leasing and cut its annual costs by USD 90 million. It will also increase the company's capitali and make it more competitive, both internationally and at home.

As reported earlier, the contract between Aeroflot and Airbus Industrie for the purchase of 18 Airbus А320s was signed on October 18 this year. According to it, 8 aeroplanes will be purchased outright, 10 more leased with option to buy. The first aeroplane is expected to arrive in the fall of 2003.

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