MOSCOW, December 20. /TASS/: Arab investors withdrew from the capital of the Russian Helicopters company after receiving a 50% stake in the company’s design bureau, Industry and Trade Minister Denis Manturov told reporters on Monday.
"They [the UAE investors] are no longer shareholders of Russian Helicopters but together with Russian Helicopters they are 50% shareholders in a separate company for the development of the VRT-500 light helicopter and the VRT-300 unmanned aircraft system," he said.
In February 2017, Rostec state corporation signed an agreement on selling a 12% stake in Russian Helicopters to a consortium of the Russian Direct Investment Fund and Arab investors in a deal worth $300 million.
Earlier, it was announced that the Tawazun holding from the United Arab Emirates completed a deal to acquire a 50% stake in VR-Technologies, the design bureau of Russian Helicopters, which is developing a light multipurpose helicopter VRT-500 and an unmanned aircraft system VRT-300.
Manturov noted that the 12% stake in Russian Helicopters was estimated to be worth $300 million, and participation in VR-Technologies was valued at $450 million.
"It is about $300 million, and this project (VR-Technologies - TASS) is worth $450 million. Arab investors withdrew from being minority shareholders in one project and became majority shareholders in another," the minister explained, answering a question about the assessment of the share in Russian Helicopters. Rostec is the main shareholder of Russian Helicopters.
