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Based on the agreement between the Ministry of Economy and Air Serbia, the Serbian national airline was recapitalized today, and the state of Serbia increased its stake in Air Serbia from the previous 51 percent to 82 percent, while the stake of Etihad Airways was reduced from 49 to 18 percent, it was announced from Air Serbia.
As has been said, the increase in the capital stock of the Company was undertaken in order to eliminate the disturbances in the economy caused by the infectious disease kovid-19 pandemic.
Air Serbia CEO Duncan Naismith thanked the Serbian government for supporting the national airline in overcoming trade hurdles caused by the corona virus pandemic in the most difficult year in the history of passenger air traffic.
He added that in this way the foundations have been created for greater uninterrupted business and that, with fundamental measures to rationalize the company’s operations, which are already underway, Air Serbia will be able to overcome difficulties, strengthen its position as a leader in the region and continue to provide direct and indirect contribution to the Serbian economy, mainly transport and tourism.
The recapitalization of the Serbian national airline was carried out at the request of Air Serbia, in accordance with the decree of the Government of Serbia of October 2020, which provides for the recapitalization measure of economic entities affected by the pandemic.
The decree is fully harmonized with the European Commission’s Provisional Legal Framework, which regulates state aid measures to support the economy during the current Kovid 19 pandemic, including recapitalization, the airline said in a statement, Tanjug reported.
At the request of the Government of Serbia, the State Aid Control Commission reviewed the proposed measures and confirmed that the measure to increase the Company’s share capital was harmonized with the positive legal regulations of the Republic of Serbia, which created the conditions for the recapitalization.
Mali: “Air Serbia” is in the national interest
Finance Minister Siniša Mali told Tanjug that today the recapitalization process of the national airline Air Serbia was completed, which changed the ownership structure, so that Etihad will be 18% owner of Air Serbia, and 82% remaining from the Serbian states.
Mali points out that the money paid for the recapitalization will be used to repair the losses Air Serbia suffered during the pandemic, but also to pay off certain debts that the company has with the banks.
“In the right way, in this way we have stabilized our airline, as well as its balance sheet, strengthened the state’s participation in it and repaid some loans and debts it made with the crown,” Mali said.
He adds that in the last two months, the State has worked with great care, patience and dedication in the restructuring program and in the process, as it stated, of state aid to the airline, which, Mali recalls, was allowed to European countries by the European Commission. consequences of a pandemic.
“The whole EU has allowed it.” Germany helped Lufthansa with nine billion euros, France helped Air France with six billion euros, so we also helped our national company and completely stabilized it, “says Mali, Tanjug reports.
He notes that Montenegro had no way of helping its airline Montenegro Airlines, precisely because, it says, they did not adhere to the defined EC rules on state aid.
Air Serbia is not only entering 2021 without any problems, but, Mali adds, one more step is being considered: how to use the empty space on the Tivat and Podgorica lines, so that our company makes more money and maximizes the lines.
He points out that Air Serbia is of national interest and recalled that during the pandemic, that company brought medical equipment, respirators, medicines, but also our citizens from numerous destinations in the world where they were at that time.
Mali also emphasized that the restructuring plan for that company was adopted last week.
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