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Air Serbia plane, Photo: BETAPHOTO
The Serbian government recapitalized the national airline Air Serbia, so that state ownership increased from 51 to 82 percent, while the stake of Etihad Airways fell from 49 to 18 percent, the Finance Ministry announced today.
The increase in the share capital of Air Serbia was undertaken in order to eliminate the disruptions in the economy caused by the COVID-19 infectious disease pandemic, the announcement states.
“We are grateful to the Serbian government for supporting the national airline in overcoming trade obstacles caused by the coronavirus pandemic in the most difficult year in the history of passenger air traffic,” said Air Serbia CEO Duncan. Naismith.
He added that “in this way, the foundations have been created for greater uninterrupted business and that, with fundamental measures to streamline the company’s operations, which are already well under way, Air Serbia will be able to overcome difficulties, strengthen its position as a leader in the region and continue to provide direct services and an 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 contemplates the recapitalization measure of economic entities affected by the pandemic, the Ministry of Finance said.
As explained, this regulation is fully in line with the European Commission’s Provisional Legal Framework, which regulates state aid measures to support the economy during the current COVID-19 pandemic, including recapitalization.
At the request of the Government of Serbia, the State Aid Control Commission reviewed the proposed measures and confirmed that the measure to increase Air Serbia’s share capital was harmonized with the positive legal regulations of Serbia, which created the conditions for recapitalization.
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