Flag carrier Montenegro Airlines to ink cooperation agreement with Serbian peer.

By bne IntelliNews August 26, 2010
National air carrier Montenegro Airlines and its Serbian peer JAT Airways will establish partnership relations, the heads of the companies announced. The two airline companies will join their fleets and will establish a regional alliance. In this way, the carriers will be able to expand their service range and reduce prices. The soon-to-be-inked agreement envisages the cooperation to start in the winter. Montenegro Airlines increased its net loss over fivefold y/y to EUR 4mn in 2009. The government controls 99.9% of the company's capital. It intends to sell a 30% stake in the carrier. EBRD, Israeli air carrier El Al and Greek diversified Restis Group have expressed interest in the potential deal.

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