Moldovan carrier raises capital for expansion, with Swiss investor prominent

Published: 1/27/2000

In December 1999, Moldavian Airlines, owned by Ion Calliman and Nikolai Petrov, Deputy General Director and General Director, has increased its authorized capital from 2.8m leis ($225,000) to 7m, the increase in capital being sold to a number of investors, including Geneva based private bank Lombard Odier, reportedly acting with Swiss regional carrier, Crossair, which is owned by Sair Group and a partner of the Moldovan carrier. Moldovan bank, Moldova-Agroindbank, also participated in the 4.2m leis issue of both new and existing stock. According to the General Director of Moldavian Airlines, Nikolai Petrov, the issue will significantly improve the balance sheet of the company and allow the airline to acquire more aircraft to meet Western European requirements, such as the Saab 340B, which the airline operates. Associated articles: www.concise.org 8th October 1999

Article ID: 1367