Lithuanian Airlines (LAL) has decided to sell its stakes in several subsidiaries. These include Vilnius International airport-based catering company Aero-Chef-LAL (50.8%-owned), tour operator Aviaturas & Partners (52%) and regional airline Air Lithuania (100% owned).
The other shareholders in Aero-Chef-LAL and Aviaturas & Partners have pre-emptive rights to acquire the shares, but Vidas Zvinys, director general of Lithuanian Airlines, says stakes may be acquired by outside investors.
The airline's 100% stake in Air Lithuania will be sold in a separate tender procedure.
"The income we get for the shares of subsidiaries we intend to invest in our airline," says Zvinys. Lithuanian Airlines expects to report a 2.2 million litas ($773,000) net profit for 2003.
Aero-Chef-LAL had sales of 7 million litas in 2002, while Aviaturas & Partners' turnover was 2.9 million litas.
Source: Flight International
