Private firm to own 60 pc share of new Turkish Cyprus Airlines

Turkish Cypriot government has decided on Wednesday that 60 percent of country's new flag carrier airlines company would be owned by a private company.

Private firm to own 60 pc share of new Turkish Cyprus Airlines

Turkish Cypriot government has decided on Wednesday that 60 percent of country's new flag carrier airlines company would be owned by a private company.

The cabinet meeting concluded that 30 percent would be held by the government and 10 percent be owned by Turkish Airlines, or THY, Turkey's flag carrier.

Government's decision is part of efforts to establish a new airlines company that would replace Cyprus Turkish Airlines, or KTHY, which went bankrupt in October following long-running financial problems and growing debts.

Turkish Cypriot government spokesman Huseyin Ozgurgun said that the new airlines company would start operations in March 2011.

Ozgurgun said staff of the new company would be chosen from former employees of KTHY. He said nearly 50 people per aircraft would be hired for the new company.

KTHY had ended flights in June. Turkish government and Turkish Republic of Northern Cyprus agreed last October to establish a new airlines company to replace KTHY.

Earlier efforts ended up with a decision on government bailout when Turkish Cypriot government decided to call for bids in May 2010 to find a private partner to KTHY. However, these efforts had failed.


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Last Mod: 09 Aralık 2010, 10:29
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