Government Plans Cyprus Airways Sale

The state owned airline's chairman Tony Antoniou confirmed that interested investors can submit bids in late September. He stated to media sources, "Investor interest will be expressed in one week and by late September they should submit a specific proposal after visiting Cyprus and receiving all necessary figures".

The Cyprus Airways chairman claimed that as a prerequisite, the airline will maintain its operations from the nation. Antoniou confirmed that the national government owns 93.67% of the company, while 6.33% is owned by private financiers. He added, "The government decided to sale its share" and commented that it: "swiftly secured the viability of Cyprus Airways up to end 2015 and has proceeded with an open call for investor interest".

When queried over Cyprus Airway's equity, Antoniou stated: "there is a commercial value stemming from the history and great flight safety of the CyAir, its specialized staff, its name and the opportunity enjoyed by all European air carriers to fly to all European destinations...All these are a goodwill to be assessed by any (possible investor) according to the programmes he has".

(Source: www.parikiaki.com)