Welfare revamp

THE SPOKESMAN of ailing state carrier Cyprus Airways (CY) yesterday dismissed reports claiming Canadian conglomerate Triple Five was interested in acquiring a 70 per cent share in the airline, saying it was “recycled news”.

Kyriacos Kyriacou said interest had been shown by Triple Five - as well as other organisations - since CY announced its desire to seek investors back in October in its bid to keep the airline afloat.

“But since the initial interest, no specific proposals have been submitted by Triple Five, or any of the other organisations,” said Kyriacou. “The company is not aware of the proposals that are being projected in the papers, so no, we can’t confirm any such information.”

He said a number of investors had shown interest, but none had taken it further from there, raising the question: is the airline considered a viable investment? It was a question Kyriacou sidestepped.

According to Phileleftheros yesterday, Triple Five has submitted a proposal to the finance ministry, asking for a 70 per cent cut in CY, thus taking over the national carrier and essentially leaving the state with a small share in the airline. The paper said the proposal was being viewed positively, what with the airline’s dire financial condition and limited state funds.

It also claimed Triple Five had made it clear that it was not interested in a small share in CY, with its team of experts concluding that the only way for its investment to be viable was to take over full control of the airline.

Their study also indicated the need for an increase in CY’s fleet and routes, as well as strategy changes.

The finance minister couldn’t be reached for comment yesterday.

Source: Cyprus-Mail

Published on April 22, 2012
|||Airline cagey over Triple Five interest
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