Turkish Airlines reportedly interested in Montenegro Airlines privatisation.

By bne IntelliNews September 15, 2011
The government prepares a new tender for the privatisation of national flag carrier Montenegro Airlines (MA), portalanalitika.me reported. Turkish Airlines has reportedly shown interest in acquiring the carrier as part of its strategy to expand the business on the Balkans after abandoning its plans to buy Serbia's Jat Airways, the media informs, citing unnamed sources. As recalled, the last tender for the sale of a 30% stake in Montenegro Airlines was held in Dec 2010 and failed due to lack of interested bidders. The potential buyer was offered to become a majority shareholder within two years upon completion of the purchase. Israeli air carriers El Al and Arkia Israel Airlines, Abu Dhabi-based Etihad Airways and Cyprus-registered Innuendo bought tender documents. In April 2011, the government extended state guarantees for credit lines at the amount of EUR 9.6mn drawn by the air carrier. The funds will be used for expansion of the fleet, opening new lines, as well as for general maintenance and repair. The government controls 99.9% of the share capital of the company.

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