×
Enjoying ad-free content?
Since July 1, 2024, we have disabled all ads to improve your reading experience.
This commitment costs us $10,000 a month. Your support can help us fill the gap.
Support us
Our journalism is banned in Russia. We need your help to keep providing you with the truth.

Arial Takes Control of Sheremetyevo's Duty-Free

Joint stock company Arial has consolidated its trading position at Sheremetyevo Airport by buying out the last remaining shares in duty-free retail operator Aerofest from Irish Aer Rianta, a news report said Tuesday.

The purchase was organized by Nomos Bank, which acted as a consultant for Arial throughout the process and provided the company with a loan to carry out the acquisition, Interfax reported Tuesday.

The bank did not disclose the amount of the loan, but noted that since their cooperation began in 2012 it had provided Arial with loans totaling about 3 billion rubles ($90 million).

Arial's president Andrei Kuleshov said the deal will allow the company to expand its business and generate growth in the duty-free retail segment.

In January, Arial bought 66.66 percent of Aerofest from Aeroflot for 1.23 billion rubles. The remaining 33.3 percent stake belonged to Irish company Aer Rianta International, which entered into the duty-free trade in Russia in 1988.

Arial operates duty-free shops in Domodedovo, Sheremetyevo, Sochi and Tolmachevo near Novosibirsk. The company is owned by Cyprus-based Adstrad Holdings Limited, Interfax said.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more