SriLankan Airlines Chairman, Nishantha Wickremesinghe, confirmed that "all shares of the Sri Lankan Airlines sold to Emirates have been acquired" (PTI/Business Standard, 07-Jun-2010). The Sri Lankan Government sold a 43.6% stake in the carrier to Emirates for USD70 million in 1998, in line with the privatisation of the airline then known as Air Lanka. The Government, while retaining a 51% stake in the carrier, transferred management control to Emirates for 10 years. When that ended in 2008, Emirates valued its holding at approximately USD150 million. No financial details of the latest transaction were disclosed.
Government buys back 44% stake in SriLankan from Emirates
You may also be interested in the following articles...
Aeroflot 6th freedom Part 1: long haul growth emphasises Europe-Asia connections
The Western Europe-North East Asia corridor has gained attention as the centrepiece of Finnair's expansion strategy. But just over 500 miles away in Moscow Aeroflot is quietly pursuing a role carrying transfer traffic between the regions. Although Aeroflot's spread of Asian destinations is not as extensive as Finnair's or those of the Gulf airlines, Aeroflot has favourable geography and lower costs. It is not subject to Russian overflight rights and associated costs. Finnair carries the tenth largest number of O&D passengers between Western Europe and Northeast Asia, while Aeroflot is 13th. After Emirates, Aeroflot is the second largest airline transporting passengers between the regions, but is based in neither.
A member of SkyTeam, Aeroflot is not part of the joint ventures (trans-Atlantic and Europe-Asia) that define the alliance's inner circle. Its long haul transfer strategy is focused on Western Europe-Asia. This strategy allows it some independence from SkyTeam but may also aggravate the alliance's established members, much the way that Turkish has irked Lufthansa and United. Aeroflot's connecting traffic, although still an overall small proportion of its international traffic, has grown faster than local traffic.
Emirates Athens-Newark fifth freedom adds to season of trans-Atlantic disruption; a test for Trump
On 23-Jan-2017, the first full business day of the Trump administration, Emirates announced it would start Dubai-Athens-Newark service on 12-Mar-2017, with a daily 777-300ER. Emirates' 12-Mar-2017 launch of service will undoubtedly add to the list of complaints from the big three US airlines – American, Delta and United.
The list of potential protective targets is growing as the new Administration settles in: renewing the fight against Gulf fifth freedoms while pursuing a blockage of DOT's grant of a permit to Norwegian Air International; Gulf airlines in their home market; and unfair access in China.
It is difficult to see the US airlines winning all of their claims. At worst, their mounting complaints will result in the details being lost as the new administration under Trump eyes indisputable wins with infrastructure and non aviation transportation matters. The loudest voices may be ignored until there is a full government in place to wade through the complainers.