Cyprus Airways (CY) has affirmed that Canadian conglomerate Triple Five is interested in acquiring a majority stake in the Cypriot airline.
In a statement, CY said that Triple Five had expressed an interest in a letter dated May 4 and requested information about the airline’s financial situation and business activities, as well as other relevant data.
In the letter, Triple Five said it would “make a final decision on the matter after evaluating this data,” CY said.
In late April, the Cypriot carrier had dismissed press speculation that Triple Five had approached the Finance Ministry with a proposal to buy a 70% stake in the airline. The government of Cyprus is the major shareholder.
CY had also rejected claims that expressions of interest had been received from Lufthansa, Aeroflot and Qatar, insisting that no specific proposal had been submitted by any potential investor. However, the statement confirming Triple Five’s interest also confirmed that a number of other organizations had expressed an interest, but had not submitted concrete proposals.
Representatives of Triple Five reportedly visited Cyprus earlier this year, which resulted in group chairman Nader Ghermezian announcing plans for significant investment in Cyprus, especially in the energy, banking, tourism and infrastructure sectors, as well as an unspecified quantity of government bonds.
Article Source : ATW Daily News
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