Cyprus Innuendo reportedly interested in Montenegro Airlines.

By bne IntelliNews December 8, 2010
Cyprus-registered Innuendo is reportedly interested in Montenegrin flag carrier Montenegro Airlines, Vijesti daily reported quoting sources from the government. Innuendo has bought tender documents and considers bidding for a 30% stake in the air carrier. We recall that in September the government, which controls 99.9% of Montenegro Airlines, opened a tender to sell 30% of the company. The tender winner will have the right to become a majority owner within 2 years after completing the purchase. The deadline for submitting bids was set at Dec 15. So far Israeli air carriers El Al and Arkia Israel Airlines and Abu Dhabi-based Etihad Airways have bought tender documents. The EBRD and Greek diversified Restis Group have earlier expressed interest in becoming minority stake owners in the air carrier. Montenegro Airlines widened its net loss over fivefold y/y to EUR 4mn in 2009.

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