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. Last Updated: 07/27/2016

Novaport Gets Airport Stake

Novaport bought a 25 percent stake in Kaliningrad Airport for $7 million and plans to develop it as a regular regional airport with a 500,000 annual passenger volume and no home airline, Kommersant reported Tuesday.

The airport passed to creditors of KD-Avia after the Kaliningrad-based airline declared bankruptcy last month. Novaport, which controls six Russian airports, intends to eventually own a controlling stake, a source in the company said.

(MT)