Cyprus Airways sells Heathrow slot to MEA

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Cyprus Airways is to sell a London Heathrow slot to Lebanese operator Middle East Airlines.

It has also named a new chief executive, Aharon Karaoghlanian, to head the troubled flag-carrier.

Cyprus Airways says the slot transaction is worth €6.3 million ($8.8 million). It had previously been trying to agree a $20 million Heathrow slot sale with Qatar Airways.

The airline is selling its evening slot, after reaching an agreement with MEA on 10 March.

Cyprus Airways will, as a result, reduce its frequency to a single daily service to Larnaca.

It has confirmed the appointment of Karaoghlanian as the loss-making airline’s new head, succeeding Theodoros Ioannides.