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Lithuania to sell 66% of Lithuanian Airlines.

AIRLINE INDUSTRY INFORMATION-(C)1997-2002 M2 COMMUNICATIONS LTD

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
Geographic Code:4EXLT
Date:Dec 19, 2002
Words:106
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