Italian flag carrier Alitalia is to spin off its MilleMiglia frequent flyer programme as a stand-alone business.
The move was agreed at a board meeting on 22 January, says the SkyTeam airline.
Alitalia says further details on the proposal are unavailable, but stresses it has no plans to sell the operation at present. However, the airline did not rule out a future disposal of MilleMiglia.
Last year, Air Berlin sold its Topbonus loyalty scheme to Gulf airline Etihad Airways in a transaction valued at $264 million.
Additionally, Rome-based Alitalia is looking to dispose of 10 Bombardier CRJ900 regional aircraft that it took out of service in December 2012.
The 2006- and 2007-built airframes were previously operated by Alitalia's Cityliner division but have since been replaced by Embraer 175s and 190s.
The loss-making carrier will reveal its full-year financial performance on 25 or 26 February, it says.