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June 10, 2004

UTair gets Russian Central Bank license to pay authorised capital in foreign company

UTAIR GETS RUSSIAN CENTRAL BANK LICENSE TO PAY AUTHORISED CAPITAL IN FOREIGN COMPANY Khanty-Mansiysk – UTair Aviation (UTair Aviation, JSC, Khanty-Mansiysk), has obtained a license of the Russian Central Bank to pay the authorized capital of its subsidiary in South Africa within the framework of a program of creating an international network of helicopter subsidiaries.

This will enable the airline to implement transportation, communication, rescue and emergency, fire fighting and cargo transportation flights and organize the activities of an air ambulance.

Moreover, the company will be able to make flights not just in South Africa but also in neighboring countries such as Mozambique, Zambia, Zimbabwe, Congo, Botswana and Angola.

It is planned to open a center for servicing helicopters and training aviation specialists.

The creation of a subsidiary in South Africa is scheduled to be completed before August 1, 2004.

 

 

 

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