6-Feb-2012 8:19 AM

Cyprus Airways negotiations with strategic investors 'not been put into consideration'

Cyprus Airways responded (03-Feb-2012) to media reports that the Cyprus Government, as major shareholder of Cyprus Airways Public Ltd, is ready to negotiate with a strategic investor or associate for the possible sale of even a majority stake, by stating "the issue has not been put into consideration so far". The carrier continued that its board of directors will examine the developments at a meeting scheduled for 07-Feb-2012, along with other issues concerning the company's capital. Reports in the Cyprus Times have noted that the Government was considering the sale of a majority stake in the carrier, with reports the Ministry of Finance had prepared a proposal to this effect. The Government currently owns 69.57% in the struggling carrier, with the remaining 30.43% owned by private investors. [more - original PR]