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Latvia now holds 99.8% of airBaltic shares 29.11.2011

On November 30, Latvia Transport Ministry used its pre-emptive right to buy the national airline airBaltic shares that were previously owned by the private shareholder Baltijas Aviacijas sistemas (Baltic Aviation Systems, BAS). The shares of BAS, minority shareholder, were pledged as security with Latvijas Krajbanka.

According to the Transport Ministry, the shares were acquired in order to protect the interests of the state pursuant to the Cabinet of Ministers’ November 29 decision to accept “Krajbanka’s” offer to buy out these airBaltic shares.

The move is aimed at ensuring efficient protection of Krajbanka depositors’ interests.

According to the government’s decision, the Transport Ministry has bought 47.2% of airBaltic shares, which BAS had pledged as security with Krajbanka, for the nominal value of the shares, LVL 224,453.

The state now holds 99.8% of airBaltic shares.

http://bnn-news.com/latvia-holds-99-8-airbaltic-shares-42396

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