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Ukraine International Airline To Buy Back Shares

Posted in Airline News, Ukraine InternationalNo comments

One of the two biggest airlines in Ukraine said on Tuesday it will hold a share buyback programme, in May to December 2009, for 6 percent of shares held by an Irish minority shareholder.

Ukraine International, a private company whose other shareholders include Austrian Airlines (AUAV.VI: Quote, Profile, Research, Stock Buzz), said it would buy back 32,500 shares at a nominal value of $100 per share.

In July, Ukrainian officials said Austrian Airlines, which holds 22.52 percent of the company, wanted to raise its stake in the airline. No one was immediately available to comment on the share buyback from Austrian Airlines.

Ukraine’s State Property Fund holds 62 percent of shares and the European Bank for Reconstruction and Development holds 10 percent.

Ukraine International has about 350 flights a week, mainly to European countries. And the airline’s passenger numbers rose 17 percent this year, to about 1.57 million people.

In 2007 Ukraine Airlines had revenues of 1.3 million hryvnias ($18 million) compared to its main competitor Aerosvit’s 2.1 million hryvnias ($28 million).

Aerosvit’s shareholders include the State Property Fund as well a Dutch firm, Gilward Investments.

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