09 October 2013 | Issue 5231
The Moscow Times
As international banks conclude that UTair is massively undervalued, Russia's fourth largest aviation group plans to divide its helicopter and airplane operations into two separate companies, the group's CEO, Andrei Martirosov, announced Wednesday.
The division, set for completion by 2016, will allow the company to attract separate investors for the two branches of its operations, chief financial officer Igor Petrov said at the same event, Prime reported.
UTair's Nefteyugansk United Airline Transportation Company has already been renamed UTair Helicopter Services, while a passenger airline will soon be established, Martirosov said, speaking at a ceremony in Seattle.
Hugely Undervalued UTair to Split Helicopter and Airplane Divisions | Business | The Moscow Times