MALEV SELL-OFF DISCUSSIONS UNDER WAY
The Hungarian government is in talks with private investors to sell its 95% stake in flag carrier Malev, following its renationalisation of the airline this year. A source familiar with the situation says: "The government is still looking to sell its controlling stake and there is something on the table." In August, the government agreed to a capital injection, partly to cover outstanding debts to International Lease Finance, from which Malev leases Boeing 737s.
SAS DISPOSES OF REMAINING REGIONAL UNIT STAKE
SAS Group has sold its remaining shareholding in the regional operation Skyways to a company linked with Skyways' majority owners, the Salen family. SAS, which has been selling non-core activities to concentrate on its main airline operations, had already reduced its share in Skyways from 25% to 19.9% by declining to participate in a rights issue.
FAMILY FIRM JOINS NORTH-WEST ALLIANCE
The UK's North West Aerospace Alliance has signed the first customer from outside the region to its Aerospace Supply Chain Excellence Programme (ASCE). South Tyneside manufacturer Ford Aerospace is also the first independent not receiving regional support to join the programme. Ford makes components and assemblies for AgustaWestland, Airbus, APPH, BAE Systems and export customers in China, France, Germany and Italy. This year the family-owned business is celebrating its centenary.
MILITARY COCKPIT SALES BOOST ESTERLINE
Avionics, sensors and materials maker Esterline Technologies posted a 17.2% rise to $41.6 million in pre-tax profits for its third quarter to 30 July as sales rose 6% to $383.5 million. For the nine-month period, profit jumped 23.3% to $97.3 million on sales up 7.7% to $1.11 billion. Chief executive Brad Lawrence attributes much of the improvement to military cockpit programmes.
FIRST-HALF PROFIT SURGE FOR RUAG
At Switzerland's Ruag, first-half sales grew 6% to SFr836 million ($826 million), taking EBIT up 60% to SFr32 million, reflecting economic recovery and restructuring of aerostructures and business aviation units. Aerospace businesses returned to profit in the first half, turning in SFr300,000 after a loss of SFr14.1 million in the period last year. At the half-year mark, new orders were up 11.4% at SFr976 million.
THAI RIGHTS OFFER OPENS
A Thai Airways public share offering will be open to subscription for two days this week. The offer is open to existing shareholders and new, retail investors resident in Thailand. The Thai finance ministry will retain its current 51.03% holding.
MALAYSIA HIT WITH DEFAMATION COUNTERCLAIM
Former Malaysia Airlines chairman Tajudin Ramli, who is facing ongoing legal action by the carrier, has filed a counterclaim against the airline for alleged defamation. Tajudin alleges that he was defamed by MAS when it filed a report about him to the Malaysian Anti-Corruption Commission, and that the airline caused the publication of various blog entries related to him. Tajudin is seeking damages of 500 million ringgit ($160 million). The airline sued Tajudin and three others in 2005 for losses related to its former cargo operations and seeks damages of 174.6 million ringgit.
Source: Flight International
