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State to sell part of carrier

Latvian Government announces Air Baltic privatisation

Published: 12/1/1999

Latvian carrier, Air Baltic, is to be privatised. At present, the state owns a 51% stake in the company. Other shareholders comprise Scandinavian Airlines System (SAS) (38.16%), Swedfund AB (5.23%), the Danish investment fund in Central and Eastern Europe (5.23%) and Transaero (0.35%). No decision has yet been made on whether or not the state"s holding will be sold in its entirety and the timing of the sale has still to be agreed. Earlier this year, Air Baltic started to increase its registered capital, which is expected to reach $43,448,000 (www.concise.org. 18th June 1999). In 1998, the airlines lost some 4m lats ( $6.7m).

Article ID: 1151

 

 

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