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Gov’t: Ok to strategic investor in CAIR

08/02/2012 15:20
The Council of Ministers authorized the Finance Minister on Wednesday to take all necessary measures in order to find a strategic investor in Cyprus Airways and to increase the Company’s share capital.

Government Spokesman, Stephanos Stephanou stated after the meeting that “the Council of Ministers reaffirmed the decision taken in January 2011 for the Company’s increase in share capital and approved the government’s participation as major shareholder”.

Mr. Stephanou avoided stating the level of capital increase.

“The Council of Ministers instructed the Finance Minister to negotiate the sale of the government’s shares (69.5%) and to develop a proposal that will be submitted for approval”, he said.

Despite persistent questions by journalists, Mr. Stephanou avoided stating the stake to be offered for sale.

Invited to answer whether the government is confident that there will be interest from strategic investor because of the prevailing conditions in airlines worldwide, he said that some interest has already been expressed.