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He bought it for 71 million euros and is selling it for 45, what is hidden behind Kastrati's maneuvers for the sale of the Airport... to himself

2022-09-19 09:48:53Biznes SHKRUAR NGA REDAKSIA VOX
He bought it for 71 million euros and is selling it for 45, what is hidden
Rinas Airport

The concession company of the international airport of Tirana has registered this month a new change of direct ownership.

Based on the documentation of the National Business Center, the company Tirana International Airport has been sold by Kastrati Group to Kastrati Aviation Holding. The purchasing company was established in April of this year and is 100% controlled by the same owner of Kastrati Group, businessman Shefqet Kastrati.

In principle, the transfer of ownership between two companies that have the same owner or beneficiary is not an unknown practice and may have different reasons or purposes.

In the sales contract, it is argued that "it has become more and more evident that the realization of the goal of a modern and contemporary airport requires, in addition to financial capacities, special knowledge of management and direction, closely related to the civil aviation industry, and for this reason , makes it necessary that the administration of the activity related to the TIA concession is carried out through a company with a special object of activity, closely related and only to the field of civil aviation".

Financial consulting experts asked by Monitor say that the transfer of ownership of a company within the same beneficiary can in theory be done for various reasons, starting from management needs, securing financing, providing guarantees, diversifying risks, etc. .

The sale price specified in the contract has a value of 45 million euros, which at first glance seems unusual for a transfer of ownership of shares between two companies that have the same beneficiary. In similar cases, the change of ownership of quotas is usually done through a transfer agreement based on sale at a nominal price or donation.

In the sales contract it is stated that "the sales price...will be paid by the buyer in several installments, through economic resources which will be realized by the buyer, generated mainly as a result of TIA's economic activity. The parties may, by separate agreement, specify the method of payment of the price specified in this contract."

Kastrati Group bought the TIA company at the end of 2020, for a price of 71 million euros, while today it is reselling it to a company with the same beneficiary, for a lower price, 45 million euros.

The sole shareholder, Kastrati Group, has reported in the 2021 balance sheet dividends received from TIA for a total value of approximately 4 billion lek (around 33 million euros) from TIA's retained earnings. Adding to the contract price of 45 million euros, Kastrati Group has already received back about 78 million euros in less than two years, about 7 million euros more than the purchase price in 2020.

The Albanian government, through the authorized state body, has approved the new sale of TIA shares. In their response, ministers Belinda Balluku and Delina Ibrahimaj have expressed their agreement for the transfer of shares and have reiterated the willingness of the State Authorized Body to continue cooperation in order to ensure the success of the concession agreement./monitor


Në përputhje me standarded JTI

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