LUBOMÍR SEDLÁK / PRAGUE
The Slovak government has substantially increased its shareholding in Slovak Airlines in an effort to expand the country's flag carrier.
The plan, implemented last month, involves the transfer to the airline of three Tupolev Tu-154Ms, worth 642 million koruna ($73 million), which had previously been leased from the government. The government's shareholding has increased from 34% to 89%. This has affected the shares of its remaining owners, with the holdings of the Dev¡n Group and Willi being reduced to 5.83% and 4.68% respectively, and the holding of a third partner, JAK, eliminated.
As part of the reorganisation, the share capital of Slovak Airlines has been raised to 764 million koruna, enabling it to secure a bank loan to fund expansion. This is likely to include the confirmation of plans to start services in 2003 to four new destinations - Brussels, Dubai, London and Tel Aviv.
Slovak Airlines also operates a Boeing 737-300 leased from Ansett Worldwide and is to receive a second in early 2003. In 2002, the carrier flew about 170,000 passengers and expansion plans call for this to rise by around 10% this year. The airline expects 2002 revenue to reach 920 million koruna.
Source: Flight International
