100% of shares of Dagestan Airlines have been passed to the government of Dagestan, as ordered by Russian President Dmitry Medvedev, Stavropoliye TV reports.
The shares will be transferred in 6 months. Dagestan is to modernize the air company’s property and infrastructure of the Makhachkala Airport for at least 150 million rubles.
The Russian Federal Air Transport Agency cancelled the certificate of Dagestan Airlines in December 2011 due to financial problems of the company. It owes over 400 million rubles.
The company belongs to the Federal Agency for Property Management. It runs flights from Makhachkala and Istanbul.
