Lithuania to sell 66% of Lithuanian Airlines.
Lithuania will reportedly sell 66% of state-owned carrier, Lithuanian Airlines (LAL) in 2003.
A government statement has revealed plans to sell 34% of existing LAL shares to an investor who, within two years, must purchase newly issued shares to raise its stake to 66%. The investor is expected to pay at least LTL12.3m for the entire stake.
The move - which will include the government retaining the remaining 34% - is designed to ensure the carrier's survival after Lithuania joins the European Union in 2004, reported Reuters.
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|Publication:||Airline Industry Information|
|Date:||Dec 19, 2002|
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