Cyprus Airways officially up for sale

The Government of the Republic of Cyprus is the major shareholder in the carrier, holding a 93.67% stake, with the remainder in the hands of private investors. The government stressed the EOI did not constitute “an offer or invitation to subscribe for or purchase” any shares and related only to “the submission of a non-binding intention to investigate the possibility of submitting a binding offer.” The government of Cyprus has officially put Cyprus Airways up for sale in a final attempt to save the airline from bankruptcy.

Communications Minister Marios Demetriades said that almost 20 companies have submitted non-binding expressions of interest in Cyprus Airways, a state-owned carrier that the government wants to privatise.

Aegean Airlines, Ryanair and Israel’s Arkia were among those firms, Demetriades told Reuters.

Romanian low-cost carrier Blue Air said it had also submitted an expression of interest, which is a preliminary step before authorities invite binding bids.

“At least 25 percent of those companies which submitted an expression of interest are related to aviation companies,” Demetriades said.