30-Mar-2012 10:30 AM

Serbia planning to privatise Jat Airways by May-2012

Serbia’s Government plans to privatise Jat Airways by 06-May-2012 when parliamentary elections will take place, according to Balkans reports. The Government has reportedly agreed to sell a 50% stake in the national carrier to three Serbian businessmen: Miroslav Mišković (owner of the Delta Group), Miodrag Kostić (owner of the MK Group) and Miroslav Bogićević (owner of Farmakom). The three businessmen are expected to invest EUR25 million into the airline while the Government would invest the same amount. Seven of the airline’s existing aircraft would be used with three more to be purchased or leased. The Government plans for the arrangement to lead to the airline returning to profitability by 2015. 1000 employees are expected to be made redundant under the turnaround plan.