Etihad Airways: Regulatory approvals confirmed for Air Serbia agreement
25-Mar-2014 On 1 August 2013, the Government of Serbia signed a strategic, long-term agreement with Etihad Airways, and unveiled a US$200 million plan to revitalise Air Serbia.
Etihad Airways, the national airline of the United Arab Emirates, confirmed today that requisite government and regulatory approvals, consent and permissions sanctioning the strategic partnership between Air Serbia and Etihad Airways, have now been obtained.
President and Chief Executive Officer of Etihad Airways, James Hogan, said that as a result of confirmation of requisite regulatory approvals, the initial loan to Air Serbia of US$ 40 million will be converted to equity.
"I am pleased to confirm Etihad Airways is now the shareholder of 49 per cent of Air Serbia. This investment represents an important partnership with the Government of Serbia, as we work together to build Air Serbia into the leading airline in the region."
Deputy Prime Minister, Aleksandar Vučić said: "We are pleased to have closed the transaction with Air Serbia's strategic partner, Etihad Airways.
"Air Serbia is the only major airline in the regionto have successfully partnered with a leading global airline, Etihad Airways. We are proud the national airline of Serbianow stands shoulder-to-shoulder with the best in the world."
Chief Executive Officer of Air Serbia, Dane Kondić, said: "Air Serbia has a strong business plan, and a clear Government mandate, to be a safe, best-in-class and profitable airline.
"We have already achieved a remarkable transformation of the national airline of Serbia and are looking forward to the journey with our new shareholder and strategic partner, Etihad Airways."