You are here

Investor for CAIR majority stake

02/02/2012 12:22
The Council of Minister will examine soon the possible sale of a majority stake in Cyprus Airways to a strategic investor.

Finance Minister, Kikis Kazamias announced on Thursday that the proposal to invite strategic investor, not excluding a majority stake, is promoted to the Council of Ministers.

Speaking during PASYXE General Meeting, the Minister admitted that “it is time zero for Cyprus Airways, for it is necessary to make this move”.

“The Finance Ministry’s intention is to prepare a proposal to the Council of Ministers, which will be submitted at a next meeting and I will ask by the government to announce its decision for negotiation with a strategic investor, not excluding a majority stake”, he noted.

“This is the only way to convince a strategic investor to participate in CAIR”, he noted.

The state participates in CAIR with 60%. Taxpayers were called to support the company in two different cases in the past five years.