Austrian Airlines has outlined plans for a series of new stock market share issues in a move which would not only provide fresh cash for the national carrier, but also effectively signal its privatisation.
The Austrian Government holds 51.9% of the carrier, but that would progressively reduce to under 40% as the share sales take place over the next five years. Among expected buyers are Swissair, which holds 15% of the airline, and an Austrian investment group.
The carrier says that the issues will start this autumn with the sale of Sch800 million ($65 million) in shares on the Vienna exchange and carry through to 2003, raising a further estimated Sch1.8 billion, possibly including a foreign listing.
Source: Flight International