newstodate.aero
Nov 06, 2014 (newstodate): The Lithuanian carrier Air Lituanica may have caught the attention of potential strategic investors in Azerbaijan, according to Lithuanian media.
The municipality-owned investment company Start Vilnius is said to hold 68.73 percent of the shares, Air Lituanica Club comprising more than 40 individuals and entities own another 30.51 percent, and 0.76 percent of the shares are held by the Lithuanian postal subsidiary Baltic Post.
From the start, one of the main goals of the shareholders has been to find a strategic partner to reduce the obligations and financial risk of the Vilnius Municipality and its tax-payers.
Reports say that Air Lituanica may currently be targeted by either Azerbaijan Airline's owner, the Azal Group, or the Silk Way Group.
To remain a EU registered carrier, a non-EU owner may however hold only up to 49 percent of the stakes.
Responding to calls from newstodate, the carrier's communications manager Sandra Meskauskaite said on October 29, 2014:
-We have never said that we are operating profitably, and I can add that we are also operating in the red in 2014. But we are planning to reach profitability after the first four years of operations.
The municipality-owned investment company Start Vilnius is said to hold 68.73 percent of the shares, Air Lituanica Club comprising more than 40 individuals and entities own another 30.51 percent, and 0.76 percent of the shares are held by the Lithuanian postal subsidiary Baltic Post.
From the start, one of the main goals of the shareholders has been to find a strategic partner to reduce the obligations and financial risk of the Vilnius Municipality and its tax-payers.
Reports say that Air Lituanica may currently be targeted by either Azerbaijan Airline's owner, the Azal Group, or the Silk Way Group.
To remain a EU registered carrier, a non-EU owner may however hold only up to 49 percent of the stakes.
Responding to calls from newstodate, the carrier's communications manager Sandra Meskauskaite said on October 29, 2014:
-We have never said that we are operating profitably, and I can add that we are also operating in the red in 2014. But we are planning to reach profitability after the first four years of operations.