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Market watchdog denies share issue registration to Moscow airport

MOSCOW, August 23 (RIA Novosti) - Russia's market regulator said Thursday it refused to register an additional placement of shares planned by Moscow's Vnukovo Airport.

Vnukovo Airport is one of Russia's largest air transport hubs, which services some 100,000 flights annually for over 140 Russian and foreign airlines.

The Federal Service for Financial Markets cited the company's non-compliance with laws on joint-stock companies. In particular, the cost of the company's net assets was lower than the charter capital on the balance sheet for 2006 and the first three months of 2007.

The service also suspended the additional issue of shares by UMPO, which manufactures engines for Sukhoi aircraft and other kinds of military hardware, saying the placement was leading to the dilution of the state-owned stake.

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