Cyprus Airways Agrees To Boost Capital, Find Investors
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Cyprus Airways' Board of Directors has agreed to boost its capital and find new investors in the private sector after consulting with the state, its major shareholder
The airline's majority stake of 69.57 percent is held by the state, while 30.43 percent is held by private investors.
Management of the company has come under strong criticism from opposition MP Averoff Neophytou, who said that it could lose between 40 and 50 million euros for 2011 due to lack of effective management. By the first six months of 2011, the airline had losses of 29.3 million euros due to intensified competition and an ongoing financial crisis, it said.
Final decisions will be taken at the next board meeting on February 16th, according to a statement by the airline.
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