CAIR: Thumbs-up for merger

The Board of Directors of Cyprus Airways sees positively the company’s merger with Eurocypria via the latter’s absorbance.

According to an announcement released today, Finance Minister, Charilaos Stavrakis had a meeting yesterday (September 2) with the Board of Directors of Cyprus Airways Public Ltd. The Minister informed the Board of Directors that the government, as major shareholder of the Company and owner of Eurocypria Airlines Ltd, has taken the political decision for the merger of the two companies with the absorbance of Eurocypria by the Company, on the basis of a study prepared by KPMG. The exact way of merger will be decided shortly. The Minister clarified that the decision is subject to the approval of the competent EU Committee.

“The Board of Directors sees positively the possible merger with Eurocypria on the aforementioned basis, given that after a thorough examination of all aspects of the issue it will ascertain that the venture will be to the benefit of the Company and given that it will be approved by the EU”, the announcement concluded.