airBaltic buys out remaining SAS owned shares

  • 2008-12-24
  • TBT staff

Photo: Juergen Lehle

RIGA- Management of airBaltic has decided to buy out the remaning shares ofthe company held by SAS.

SAS currently holds 47.2 percent while the Latvian government holds 52percent.

 "Even in this difficult economicclimate, the management believes in the company's future and has decided to buythe shares which currently belong to SAS AB," said Bertolt Flick,president of airBaltic.

Once the deal is completed on Jan 31 2009, airBaltic will be completelyowned by the state of Latvia.AirBaltic will however continue to work together with SAS on commercial flightsas before.

AirBaltic's fleet is made up of 28 aircraft including ten Boeing 737.