Volga Group and Airfix Aviation

Volga Group ("Volga"), Gennady Timchenko's investment vehicle, would like to clarify a number of recent comments that have appeared in the media concerning the disposal of its stake in Airfix Aviation Oy ("Airfix"), the Finnish aviation company.

Gennady Timchenko originally controlled a significant stake in the Finnish company IPP Oy which owned a 99.7% stake in Airfix Aviation. In 2013, the shareholding in IPP Oy was reduced to 49.88%. This final stake was sold on 19 March 2014 to business partners of Mr. Timchenko.

Gennady Timchenko and Volga no longer have any direct or indirect holding in Airfix.

About Volga Group 

One of the largest investment groups in Russia, Volga Group has investments in 17 core companies, located mainly in Russia. The three core strategic investment areas are energy, logistics and infrastructure. Volga Group also has investments in the financial services and consumer goods sectors. The Group's largest holdings include Novatek (23%), Sibur (37.3%), Transoil (80%), STG Group (63%). Website: http://www.volga-resources.com

For media inquiries: 

Mr. Anton Kurevin:
Communications Director, Volga Advisors
Email: [email protected]
Phone: +7-495-777-38-98 (extn. 711)

Mr. Stuart Leasor,
EM Advisors
Email: [email protected]
Phone: +44-7703-537721