Govt. gives green light for Jat sale

The government on Monday approved the privatization of Jat Airways, a statement from the cabinet's press office said.

Izvor: Tanjug

Monday, 21.07.2008.

20:15

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The government on Monday approved the privatization of Jat Airways, a statement from the cabinet's press office said. Minister of Economy and Regional Development Mladjan Dinkic said in his interview to Tanjug last week that the starting price at the tender will be lower than the initially planned EUR 150mn, "as all airlines in the world are suffering the effects of high fuel prices". Govt. gives green light for Jat sale Dinkic had said earlier that a 51 percent stake of Serbia's national carrier will be offered in a tender, but that the state might decide to sell as much as 75 percent once negotiations start. Meanwhile, media are speculating that at least two companies will submit offers – Russian Aeroflot and Iceland Air. Air India earlier expressed interest in forming a joint company with Jat Airways. As companies outside the European Union can only buy 51 percent of Jat, while those based in the EU can go for 75 percent, the possibility that two companies from inside and outside the union might team up to make the acquisition has not been ruled out. Jat Airways currently owns 16 planes for international traffic, 12 as part of its Pilot Academy in Vrsac, and 22 agricultural aircraft, as well as business premises in Amsterdam, Milan, London and Athens. It currently employs 1,807 people. Due to high fuel prices, the carrier is expected to sustain losses of over EUR 20mn in 2008, despite record business results.

Govt. gives green light for Jat sale

Dinkić had said earlier that a 51 percent stake of Serbia's national carrier will be offered in a tender, but that the state might decide to sell as much as 75 percent once negotiations start.

Meanwhile, media are speculating that at least two companies will submit offers – Russian Aeroflot and Iceland Air.

Air India earlier expressed interest in forming a joint company with Jat Airways.

As companies outside the European Union can only buy 51 percent of Jat, while those based in the EU can go for 75 percent, the possibility that two companies from inside and outside the union might team up to make the acquisition has not been ruled out.

Jat Airways currently owns 16 planes for international traffic, 12 as part of its Pilot Academy in Vršac, and 22 agricultural aircraft, as well as business premises in Amsterdam, Milan, London and Athens. It currently employs 1,807 people.

Due to high fuel prices, the carrier is expected to sustain losses of over EUR 20mn in 2008, despite record business results.

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