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Millhouse Calls For Meeting Of Aeroflot Shareholders Over Board Change

Millhouse Capital, which manages twenty six percent of Aeroflot, has called...

Millhouse Capital, which manages twenty six percent of Aeroflot, has called a shareholders meeting for Russia's biggest airline to vote on changing the company's board, Vedomosti reported, citing people familiar with the matter.

Millhouse has said that it initiated the meeting and declined to comment further, the paper said, citing Millhouse spokeswoman Tatyana Molchanova. Today's board meeting will consider Millhouse's request, the paper said. The Russian state owns 51.2 percent of Aeroflot.

Millhouse Capital was set up in October to manage assets including Aeroflot shares, an eighty eight percent stake in oil producer OAO Sibneft and half of OAO Russky Alyuminiy, which produces an eighth of the world's aluminum. The stakes are owned by an investor group which is dominated by Chukotka region Governor Roman Abramovich, ranked by Forbes magazine as Russia's fifth-richest person.

Government representatives won seven of Aeroflot's eleven board seats at the annual meeting in May, Millhouse gained three representatives and one Aeroflot General Director Valery Okulov was named to the board. Alexander Zurabov, first general director of Aeroflot, will return to the board at the extraordinary meeting called by Millhouse, the paper said.