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16:48
SPF SELLS 51% STAKE IN URGA AIR CARRIER FOR UAH 13.744 M

Kyiv, July 28 (Interfax-Ukraine) – The State Property Fund of Ukraine (SPF) has sold a state stake of 51% of the shares in CJSC Air URGA (Kirovohrad) for UAH 13.744 million, according to a statement on the fund's Web site.

The state stake was sold to one of the company's co-founders. According to the fund, the stake has been sold and the money has been transferred.

American International Consulting Corporation (the United States) is the largest co-shareholder of the company with a stake of 43.5%. Greece's Lyctos Group owns a 5.5% stake in the company.

The net profit of Air URGA in the first half of 2009 grew by 38.5% year-on-year, to UAH 11.384 million, while its net income for the period rose by 50.8%, to UAH 59.126 million.

Air URGA was established in 1993 on the basis of the State Flight Academy of Ukraine. Over 10 years, the company has been actively cooperating with the United Nations under programs for servicing peacekeeping missions. Among such programs are ones servicing peacekeeping missions in Western Sahara, Georgia, Eritrea, and the Congo.

The company's fleet includes 19 airplanes: nine An-26s, nine An-24s, and one An-26-100.

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