Latvia’s transport ministry is to replace the council of Air Baltic, ahead of plans to bring in a strategic investor to develop the carrier.
Chairman of the supervisory board Klavs Vasks, and supervisory board members Kaspars Ozolins and Andris Liepins have each signed an agreement to terminate authorisation, and a new council will be elected on 11 February.
The council also has a fourth member, Lars Thuesen, who has a shareholding in Air Baltic.
Air Baltic is undergoing a privatisation programme which will involve an initial public offering.
“Over the past year, we have invested significant work in helping to prepare Air Baltic for the next stage of growth – the first stage of which will conclude with the strategic investor’s investment in the company’s capital,” says Vasks.
“Our main task has been to attract capital to ensure the company’s business plan and further growth.”
State secretary of the transport ministry Andulis Zidkovs says he expects the process of attracting a strategic investor “will be completed in the coming weeks”.
“For its part the [Latvian government] has taken all necessary legal steps to successfully conclude the process,” he adds.
“After the conclusion of this transaction, Air Baltic will begin the next phase of development, for which the company’s new council will be responsible.”
While a termination agreement has been signed, the current council will continue to carry out its duties until the election of its successor.
